Stocks ended lower in bumpy trading on Wall Street after the Federal Reserve raised its benchmark interest rate in its fight against inflation and signaled that more hikes lay ahead.

As expected, the central bank raised its key short-term rate by half a percentage point Wednesday, marking its seventh increase this year. The Fed also said it expected to raise rates higher over the coming few years than it had previously anticipated.

The S&P 500 lost 0.6% after giving up an earlier gain of 0.9%. The Dow Jones Industrial Average fell 0.4% and the Nasdaq composite gave back 0.8%.