US stocks slide after Fed hints at later rate hike
US stocks slid on Wednesday after the Federal Reserve hinted it might raise interest rates later this year.
The Dow fell 507 points (1%), flipping from an early gain, while the S&P 500 and Nasdaq dropped by more than 1%.
Investors are now worried about slower economic growth and falling investment values.
Kevin Warsh considers ending forward guidance
Nine out of 18 Fed officials expect at least one rate hike soon, adding to market jitters.
New Fed Chairman Kevin Warsh also said he is considering ending "forward guidance," so markets will have to watch real economic data instead of relying on hints.
Treasury yields climbed as markets reacted to the Fed's projections, and Warsh suggested the Fed might stop giving quarterly forecasts too, shaking up how Wall Street gets its clues about what's next.