S&P 500 Slides After Fed Raises Interest Rates to Combat Inflation

The S&P 500 ended lower on Wednesday after the Federal Reserve raised its key interest rate for the first time in over three years to combat stubbornly high inflation.

The Fed's decision was unanimous, with more tightening likely in the near future to bring down inflation, which has been above the 2% target for five years now.

Despite this, the US economy has strengthened since the last Fed meeting, but the inflation trend has shown little improvement, according to Fed Chair Kevin Warsh.