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(Bloomberg) -- The Federal Reserve did what markets expected Wednesday. But that didn’t stop investors from dumping risk assets in droves.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousStock sold off violently at the end of the session after the Fed cut interest rates by a quarter of a percentage point, its third straight reduction, and Chair Jerome Powell indicated that the central bank will likely put further reductions on hold while inflation stays abov

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The Federal Reserve has spoken, and as far as investors are concerned, the message was clear - clearly hawkish. Investors in Asia go into Thursday on the defensive after the Fed cut interest rates by a quarter of a percentage point as expected, but signaled a slower pace of easing ahead.

According to preliminary data, the S&P 500 lost 2.96%, while the Nasdaq Composite lost 3.62% and the Dow Jones Industrial Average fell or 2.61%. The Dow and S&P saw their biggest one-day percentage decline since Aug. 5 and the Nasdaq saw its biggest daily decline since July 24. "Everything in the dot plot suggested that we have higher economic growth, a stronger labor market, more inflation, fewer Fed rate cuts and a higher neutral rate."

(Bloomberg) -- The US Treasury market tumbled as traders took the Federal Reserve’s revised forecasts as reason to slash their expectations for interest-rate reductions next year.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousThe selloff lifted shorter-maturity yields, which are more sensitive to Fed policy shifts, more than 10 basis points to the highest levels in several weeks. The Fed cut interest rates Wednesday for a third-straight time as expected, w

Micron Technology issued a revenue outlook that came in below analysts’ expectations, sending shares lower in extended trading Wednesday.

(Bloomberg) -- The dollar rallied to the strongest level in over two years after the Federal Reserve signaled a slow down in the pace of monetary easing next year.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousThe Bloomberg Dollar Spot Index rose 0.9% Wednesday, its highest since 2022. The surge sent other major currencies lower. The euro, pound and Swiss franc fell 1% against the US dollar during the day, while the offshore Chinese yuan fell to the lowest