Dow sinks more than 500 points after Fed delivers soft rate hike but Powell pushes back on expectations of cuts this year

• US stocks fell Wednesday following the Fed's March rate decision. 
• The Fed raised raised by 25 basis points, in line with expectations. 
• But Chairman Jerome Powell said rate cuts this year at not in its baseline expectations. 

US stocks swung lower Wednesday after Federal Reserve Chairman Jerome Powell tossed cold water on speculation that policymakers are set to deliver rate cuts this year. 

Major indexes initially pushed higher after the Federal Open Market Committee raised the fed funds rate by 25 basis points, in line with market expectations to bring the key rate to its highest level since 2007. The rate now stands at 4.75%-5%.