Stocks whipsawed and bond yields climbed after the Federal Reserve raised rates by 75 basis points, with the “dot plot” projections suggesting a fourth straight hike of that magnitude in November is possible.

The S&P 500 pared losses after sliding almost 1% in the aftermath of the announcement. The two-year U.S. yield topped 4%. The dollar remained higher.

The Fed decision, which was unanimous, takes the target range for the benchmark federal funds rate to 3% to 3.25%–the highest level since before the 2008 financial crisis, and up from near zero at the start of this year. The “dot plot”, which the central bank uses to signal its outlook for the path of interest rates, shows the median year-end projection for the federal funds rate rose to 4.4%. The estimate for the end of 2023 was boosted to 4.6%.

Jerome Powell will hold a press conference at 2:30 p.m. in Washington

Key events this week:
• The Bank of Japan makes a monetary policy decision on Thursday.
• The Bank of England makes an interest rate decision on Thursday.
• The U.S. Conference Board leading index and initial jobless claims come out Thursday.

Stocks

• The S&P 500 fell 0.4% as of 2:11 p.m. New York time.
• The Nasdaq 100 fell 0.5%.
• The Dow Jones Industrial Average fell 0.4%.
• The MSCI World index fell 0.7%.

Currencies

• The Bloomberg Dollar Spot Index rose 0.8%.
• The euro fell 1.3% to $0.9837.
• The British pound fell 0.9% to $1.1274.
• The Japanese yen fell 0.6% to 144.56 per dollar.

Bonds

• The yield on 10-year Treasurys advanced three basis points to 3.59%.
• Germany’s 10-year yield declined three basis points to 1.89%.
• Britain’s 10-year yield advanced two basis points to 3.31%.

Commodities

• West Texas Intermediate crude fell 1% to $83.13 a barrel.
• Gold futures fell 0.2% to $1,667.30 an ounce.

--With assistance from Cecile Gutscher.

This article was provided by Bloomberg News.