Wall Street responds to Fed's 'hawkish pause' and rate hike announcement.

The Federal Reserve raised interest rates by 0.25% as expected on Wednesday, but left the door open to a pause in June. Fed Chair Jerome Powell pointed to a "meaningful" change in the Fed's statement that swapped in language about the Fed determining "the extent to which" it may need to raise rates; previously, the Fed said it had "anticipated" future rate hikes. Stocks ended the day lower after Powell dashed Wall Street's hopes of rate cuts ahead, stating that inflation would not come down quickly and it would not be appropriate to cut rates.