Andrew Kelly/Reuters
- US stocks dropped Thursday, a day after the Fed delivered a 10th consecutive interest rate hike.
- Fears of further bank stress also emerged on reports that PacWest is weighing strategic options.
- Jerome Powell on Wednesday softened some language but did not point to rate cuts on the horizon.
US stocks dropped on Thursday a day after the Federal Reserve delivered its 10th consecutive interest rate hike and as fears of bank contagion continue to swirl.
The Fed raised rates by 25 basis-points to move the key level above 5% for the first time in 16 years, and while Jerome Powell softened some of the language around further policy, he maintained that it could still be too early to reverse course.