New York CNN —
The Dow plunged Wednesday on a disappointing outlook from the Federal Reserve. In the process, the blue-chip index extended its losing streak to 10 days — the longest such stretch since Gerald Ford was president.
The Dow Jones Industrial Average ended the day down about 1,123 points, or 2.6%, after the Fed indicated in a policy statement that it is forecasting just two interest rate cuts in 2025, not the previously projected four. The Fed now anticipates inflation will remain stubbornly above its target range for longer than it had initially expected.
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