The S&P 500 moved lower on Wednesday, retreating from record highs, after the Federal Reserve signaled one more rate hike this year.
The central bank maintained its 2017 forecast of three hikes this year. While it paused on raising rates in September, all eyes are now on a December hike. The Fed already raised rates in March and June.
Investors tend to prefer lower interest rates and more central bank stimulus.
The Fed also said its balance sheet normalization process would begin in October. Only $10 billion worth of securities will roll off the Fed's books per month, a drop in the bucked compared to its massive $4.5 trillion balance sheet.
Central bankers acknowledged softening inflation, but said the recent hurricanes could cause a temporary acceleration of consumer prices.
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