Why The Fed's Language On Interest Rates Is Moving Markets Wednesday: 'We Will Stay The Course Until The Job Is Done'

The SPDR S&P 500 (NYSE:SPY) is volatile Wednesday afternoon after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time and indicated that it's paying attention to the cumulative tightening of monetary policy and the lag with which it affects inflation.

All 12 Fed members voted unanimously in favor of the 0.75% hike.