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(CNBC) — Stocks tumbled Wednesday after Federal Reserve Chair Jerome Powell said inflation was still too high and indicated that the central bank has more rate hiking ahead.

The Dow Jones Industrial Average fell 416 points, or 1.3%, eating away at its significant October rebound. The S&P 500 dropped 2% and the Nasdaq Composite was off by 2.8%.

The Fed implemented another 0.75 percentage point rate increase Wednesday afternoon and Powell said in a press conference that its inflation fight was far from done.

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