Dow reverses gains after new Fed chief’s first policy meeting

• The Dow Jones Industrial Average fell over 500 points, with the S&P 500 and Nasdaq also declining, following the first policy meeting led by new Federal Reserve Chairman Kevin Warsh.
• The Federal Reserve maintained its key interest rate, but nearly half of its policymakers indicated support for a rate hike later this year, with six favoring two quarter-point increases.
• The Fed removed language suggesting a future rate cut, signaling heightened concerns about inflation and a commitment to achieving its 2 percent inflation target.
• Chairman Warsh emphasized the Fed's determination to reduce inflation, which reached 4.2 percent annually in May, its highest level in over three years.
• President Donald Trump, who has previously called for lower borrowing costs, downplayed the Fed's decision to hold interest rates steady, acknowledging a potential rate hike.

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Dow falls 500 points in worst day for new Fed chair since 1994