Markets were waiting to see whether or not the US Federal Reserve goes ahead with a rate hike given recent bank failures
NEW YORK – Wall Street stocks slumped Wednesday as the US Federal Reserve continued hiking interest rates to fight inflation, while noting that banking sector turmoil could weigh on the economy.
The tumble came after European markets made timid gains ahead of the US central bank’s rate decision, and follows a relief rally earlier this week.
Stocks had gained after financial authorities moved to prevent contagion in the banking sector, following the collapse of three US regional lenders this month.
But all eyes were on the Fed as it unveiled an anticipated quarter-point rate hike, its ninth straight increase in…
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