The Dow lost 150 points on Wednesday, while the S&P 500 and the Nasdaq dropped 0.6% and 0.7%, respectively, as investors digested the latest decision on monetary policy and subsequent remarks from Fed Chair Jerome Powell. The Federal Reserve raised its federal-funds rate by a half percentage point to a range between 4.25% and 4.5%, a 15-year high. At the same time, the peak for the federal funds rate is now projected at 5.1% next year, with cuts in rates coming only in 2024. Meanwhile, Powell said at the news conference following the decision that interest rates would stay elevated for some time but that the central bank is getting close to reaching the end of a tightening cycle. On the corporate side, Tesla fell over 2% after Goldman Sachs cut the price target for the electric vehicle maker's stock. Delta Air Lines jumped almost 3% after the Atlanta-based carrier announced that it expects to double its profit in 2023.