Markets closed lower Wednesday after the Fed's policy statement raised the prospect of interest rates rising sooner than expected. The bank announced a $10 billion cut in its monthly bond purchases, as expected. But rate projections were lifted - the median forecast now puts rates at 1% by the end of 2015 from 0.75 per cent late last year, and 2.25% by 2016. A jobless target of 6.5% before rates were hiked, was also dropped. Individual stocks such as First Solar and KB Home still jumped.