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STORY: Wall Street see-sawed on Friday then closed slightly lower after a tumultuous week as investors digested the Federal Reserve's hawkish outlook.

The Dow shed three-tenths of a percent, the S&P 500 lost two-tenths and the Nasdaq dipped marginally.

The Fed this week let its key interest rate stand, but it updated its projections to suggest that restrictive monetary policy will remain in place longer than previously anticipated.

On Friday, Fed Governor Michelle Bowman supported the hawkish sentiment by saying the central bank should “raise rates further and hold them at a restrictive level for some time” to bring inflation down to the Fed’s 2% target.

“That has ramifications, particularly for growth equities, but really for the entire global economy….”

William Fitzpatrick is Managing Director and Portfolio Manager at Logan Capital Management.

“And I think the realization that's hit this week is really what started to weigh on investors, and why we're seeing the weakness... certainly weak today."

In company news, shares of Ford gained about 2% after the striking United Auto Workers union reported progress in talks with the automaker.

Shares of Activision Blizzard added nearly 2% after Microsoft's restructured $69 billion deal to buy the gaming company appeared closer to being approved by British regulators.

And shares of Alibaba jumped 5% after Bloomberg reported the company's logistics arm Cainiao was planning to file for a Hong Kong IPO as soon as next week.