ON Semiconductor led 10 major decliners after Fed Chair Kevin Warsh’s press conference, falling 6.02% to $67.39 as the dot plot pointed to another rate hike and higher inflation projections. The selloff also hit the triple-leveraged Direxion Daily Semiconductor Bull 3X Shares, asset managers, capital-markets firms, consumer-related names, Boeing and Coeur Mining. The average 30-year mortgage rate reached 6.97%, its highest since May 2025, while gold reversed from a 1.4% gain before the decision to a 1.4% loss at $4,285 an ounce as the dollar index approached 100. Economists offered conflicting interpretations: Jeffrey Roach saw a hawkish signal that could delay rate cuts until 2028; Samuel Tombs said 16 of 18 forecasters expected another increase but still projected 75 basis points of easing next year from June; Michael Pearce expected one more 25-basis-point hike rather than a new tightening cycle; and Chris Zaccarelli said the Fed was forced to act while likely avoiding consecutive meeting moves.