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US markets mixed ahead of Fed decision and oil prices jump as Middle East violence flares
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NEW YORK (AP) — Oil prices got back to jumping on Wednesday, while sinking technology stocks dragged Wall Street lower amid uncertainty about what the Federal Reserve will do to get high inflation under control.
The S&P 500 fell 1.5% after swinging sharply between gains and losses in the last hour of trading.
Higher rates can keep a lid on inflation, but they can also slow the economy and undercut prices for stocks and other investments.
Treasury yields swiveled up and down following the Fed's decision and Warsh's insistence on not guiding the market.
The yield on the two-year Treasury, which closely tracks expectations for Fed action, fell to 4.24% from 4.26% late Tuesday.