- Stocks in the United States ended a two-day rally after Federal Reserve Chair Jerome Powell reiterated his hawkish stance but indicated the central bank is "close" to the end of a tightening cycle that has pushed rates from near zero to 4.5% since March.

- While the S&P 500 and the Nasdaq 100 fluctuated between gains and losses on Wednesday, the indexes ended lower after the Fed raised rates by half a percentage point and signalled more increases are on the way. The hawkish decision and subsequent comments from Powell also whipsawed treasuries, with rates rising before returning to pre-decision levels. For a second session, the dollar fell.

- Powell indicated that the Fed intends to keep fighting inflation, with officials projecting that rates would end next year at 5.1%. However, his claim that the cycle may be nearing its end was enough to dampen the worst of Wednesday's stock losses. The Fed also predicts that economic growth will slow next year, while inflation will remain well above its 2% target.