Wall Street drops as Fed brings forward rate-rise forecast

A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo
  • Indexes down: Dow 0.64%, S&P 0.56%, Nasdaq 0.52%

June 16 (Reuters) - All three main Wall Street indexes dropped on Wednesday in the minutes after the U.S. Federal Reserve published a statement following its latest policy meeting, in which it brought forward its projections for the first post-pandemic interest rate hikes into 2023.

The central bank cited an improved health situation. It also dropped a longstanding reference that the crisis was weighing on the economy. read more

By 2:07 p.m. EDT, the Dow Jones Industrial Average (.DJI) was down 217.84 points, or 0.64%, at 34,081.49, the S&P 500 (.SPX) lost 23.67 points, or 0.56%, to 4,222.92 and the Nasdaq Composite (.IXIC) dropped 72.85 points, or 0.52%, to 14,000.01.

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Reporting by Shashank Nayar and Medha Singh in Bengaluru and David French in New York; Editing by Marguerita Choy and Matthew Lewis

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