Finance

Wall Street benchmarks declined following the central bank's rate decision, reversing modest gains from earlier in the trading session. The Dow Jones Industrial Average fell 1.2% while the S&P 500 lost 0.4% after the Federal Reserve warned that inflation remains too high. Nine of the eleven broad sectors within the S&P 500 closed in negative territory, led by steep declines in consumer discretionary and utilities equities.

The benchmark US 10-year Treasury yield surged past 5%, reaching its highest level since 2007 due to rising inflation expectations and a lockstep correlation with energy costs. Brent crude oil surpassed $100 a barrel for the first time since July, driven by escalating military conflict between the US and Iran. The simultaneous rise in oil and borrowing costs is exerting significant financial pressure on US consumer households.

The total cryptocurrency market cap contracted after a crucial Senate procedural vote on the Digital Asset Market Clarity Act failed to pass in a 50-49 decision. The legislative setback removed a highly anticipated regulatory catalyst for the digital asset industry, causing Bitcoin to fall below the $76,000 threshold. Major altcoins and listed crypto equities experienced broader selloffs as macroeconomic tightening simultaneously weighed on investor risk appetite.