The results of the Fed's 2-day interest rate meeting ended late last night

  Investors correctly predicted the Fed's 0.75 percentage point rate hike and initially read the Fed's statement as dovish about the fact that Fed officials have begun to argue and signal a slowing pace. rate hike again, sending all bullish markets higher.

 But, those gains were reversed when Fed Chairman Jerome Powell said it was "too early" to talk about a pause in rate hikes and that interest rates could end up higher than previously announced.

 Powell dismissed the idea that the Fed might pause on rate hikes soon, though he said he expected a discussion at the next meeting or two about slowing the pace of tightening.

 He also reiterated that it may take determination and patience to reduce inflation.