Fed statement, inflation update and Powell press conference: RECAP

A March rate hike would be the first in 3 years

The Federal Reserve on Wednesday laid the groundwork for a rate hike in March, while also reiterating supply chain issues are contributing to red-hot inflation. 

During Fed Chairman Jerome Powell's press conference stocks lost momentum, with all three of the major averages falling. 

WHERE INFLATION IS HITTING CONSUMERS THE HARDEST

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32637.19 +516.91 +1.61%
SP500 S&P 500 4057.84 +79.11 +1.99%
I:COMP NASDAQ COMPOSITE INDEX 11740.650441 +305.91 +2.68%

CLICK HERE TO READ MORE ON FOX BUSINESS

Find a recap of Powell's Q&A here on the FOX Business Blog. Mobile users click here.