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This is The Marketplace Minute. I'm Justin Huff.

Stocks closed down after the Federal Reserve said it's leaving interest rates unchanged.

The Dow fell 2.10%, the S&P gave up more than 9.10%.

And the NASDAQ lost 1.5%.

Federal Reserve Chair Jay Powell said the Central Bank is making progress toward bringing inflation

down to its 2% target. For instance, job gains have been slowing.

But Powell said inflation is still too high. He said the Fed wants to see convincing evidence

that interest rates are high enough to slow down the economy.

Most members of the Fed's Open Market Committee think the Central Bank will have to raise

rates one more time this year. Some think that rates are high enough. The Fed's next meeting is

at the end of October. And General Mills says it sales rose last quarter, compared to the same

time of year ago. But that's because it raised prices. Sales volumes actually fell.

The company says costs were higher than this time last year.

I'm Justin Huff with The Marketplace Minute.