Fed signals possible hikes later this year as markets retreat

U.S. stocks fell and Treasury yields rose after the Fed held rates steady but projected higher borrowing costs later this year, lifting the dollar. The Dow dropped about 525 points, the S&P 500 roughly 96 points, and the Nasdaq around 382 points, while the 10-year yield moved to about 4.47%. The dollar index also climbed, and oil prices edged higher. The report notes it was the first rate statement under new Fed Chair Warsh.