US Stocks Drop After Fed Raises Rates

00:35 U.S. stocks fell in volatile trading on Wednesday after the Federal Reserve raised interest rates by a quarter point and signaled hikes could come next year at a faster pace than some expected. The Fed's decision comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructure. Central bank policymakers shifted their outlook to one of slightly faster growth and lower unemployment. "The Fed ramped up the pace of rate hikes on a hope and a prayer of faster growth in 2017," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

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