U.S. economy 'decelerating rapidly' -Ross Gerber

STORY: The U.S. central bank on Wednesday raised rates by an expected 25 basis points, but its policy statement no longer said "ongoing increases" would likely be appropriate, indicating a clear shift in its stance.

The Fed's softer tone relieved markets that have been roiled by liquidity-crisis concerns in the banking sector since the failure of two U.S. regional lenders earlier this month.