S&P 500 Drops 1.2% After Fed's Warsh Puts Price Stability First and Holds Rates Steady

Fed Chair Kevin Warsh said price stability is his priority after the Federal Reserve held rates steady on June 17, triggering a sharp market selloff. The S&P 500 fell 1.2% and the Dow dropped more than 500 points, while Fed funds futures began pricing a possible rate hike as early as October.