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Wall Street loses ground as Fed signals two more hikes this year

Reuters

(Reuters) - U.S. stocks lost some ground and were trading lower on Wednesday after the Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes in the coming months. Two additional hikes are now expected by the end of this year, compared to one previously. In its decision Wednesday, the Fed raised its benchmark overnight lending rate a quarter of a percentage point to a range of between 1.75 percent and 2 percent. "The fact they're talking about four rate hikes this year instead of three is disappointing. Everybody knew they were going to hike in June. People thought they might pause in September. It doesn't look like they're going to do that," said