Dow Tumbles After Fed Raises Interest Rates for First Time Since 2023 The Federal Reserve's decision to raise interest rates for the first time since 2023 sent shockwaves through Wall Street on Wednesday, with the Dow Jones Industrial Average plummeting nearly 500 points in a single trading session.
The market's reaction was swift and severe, as investors struggled to come to terms with the Fed's bold move.
The First Interest Rate Hike Since 2023: What It Means The Fed raised interest rates by a quarter of a percentage point, marking the first time since 2023 that the central bank has increased borrowing costs.