U.S. stocks stumbled Wednesday afternoon, losing steam after the Federal Reserve raised its policy rate as expected by another 50 basis points but signaled its terminal rate could peak at 5.25% next year. The Dow Jones Industrial Average was down about 30 points, or 0.1%, trading near 34,077. The S&P 500 index was off 0.2% and the Nasdaq Composite Index was 0.5% lower. The Fed’s rate move wasn’t a surprise with Fed Chairman Jerome Powell recently hinting that December could usher in slightly smaller rate increases after its series of four, 75 basis point increases. The Fed’s benchmark rate now sits in a 4.25% to 4.5% range, the highest in 15 years.
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