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March 23, 2005

Stocks sink after Fed hikes rates

  • Microsoft hits 52-week low

    • NEW YORK (AP) — Investors pulled their cash out of the stock market Tuesday, leaving prices sharply lower after the Federal Reserve confirmed Wall Street's fears that inflation poses an increasing threat to the economy.

    As expected, the Fed's Open Market Committee raised the nation's short-term benchmark interest rate by a quarter percentage point to 2.75 percent. But in its policy statement, the Fed noted that "pressures on inflation have picked up in recent months," which analysts said was a sign that inflation could be a growing problem for the economy.


     
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