*WALL STREET TUMBLES AFTER FED DELIVERS ANOTHER AGGRESSIVE RATE HIKE -
- Wall Street's main indexes see-sawed before slumping in the final 30 minutes of trading to end Wednesday lower, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation.
However, policymakers also signaled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023. This is up from projections in June of 3.4% and 3.8% respectively. In his press conference, Fed Chair Jerome Powell said U.S. central bank officials are"strongly resolved" to bring down inflation from the highest levels in four decades and"will keep at it until the job is done," a process he repeated would not come without pain.
Higher rates and the battle against inflation was also feeding through into the U.S. economy, with the Fed's projections showing year-end growth of just 0.2% this year, rising to 1.2% in 2023.
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