Stocks closed broadly lower on Wall Street after Federal Reserve Chief Jerome Powell signaled that it's too early for the central bank to consider pausing its interest rate increases, though it may slow them down.

The Fed also announced its fourth straight extra-large rate increase of three-quarters of a percentage point as it fights the worst inflation in decades.

The higher rates are intended to cool the economy, but markets fear the Fed may go too far and cause a recession.

The S&P 500 fell 2.5%, shedding gains from a brief rally. The Dow and Nasdaq also turned red.

Treasury yields jumped.