US stocks tumbled Wednesday as traders anticipated a Federal Reserve rate hike, with policymakers projecting rising interest rates later this year. New Fed Chair Kevin Warsh emphasized taming inflation, shifting sentiment from expected rate cuts. This hawkish tilt led to significant market declines across major indices.

Wednesday's FOMC decision marks the first with new Fed Chairman Kevin Warsh at the helm of the U.S. central bank.

The US Federal Reserve is expected to leave interest rates unchanged at its policy meeting on Wednesday, the first under new Fed Chair Kevin Warsh. Markets are pricing in a pause,…