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Fed Meeting: 'Ongoing Increases' to Follow Latest Rate Hike

Meanwhile, the S&P 500 hangs tough

Today's Fed meeting statement reiterated policymakers' plan for "ongoing increases" in the U.S. central bank's key interest rate. Coming as the Federal Reserve's rate-setting committee announced a quarter-point move, the wording implies two additional hikes are likely. The S&P 500 held its ground, falling modestly after release of the Fed statement at 2 p.m. ET.

Fed Chair Jerome Powell will discuss the policy outlook and state of the U.S. economy at his 2:30 p.m. news conference. Powell may indicate that inflation has yet to come down convincingly enough for the Fed to pause rate hikes. Still, investors will be attuned to any hint that additional evidence of easing inflation and softening wage growth could lead the Fed to pause rate hikes after perhaps one more on March 22.

March Fed Meeting Expectations

Ahead of the Fed meeting, markets were betting that the Fed will pause rate hikes after next month, with the key overnight lending rate at a range of 4.75 percent to 5 percent. That's below the 5 percent-5.25 percent range Fed policymakers projected in December.

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