At the end, the Dow Jones index lost more than 1,100 points and fell by 2.58 percent to 42,326.87 points.
The index fell for the tenth day in a row, marking its longest losing streak since 1974.
The S&P 500 index fell 2.95 percent to 5,872.16 points and the Nasdaq index fell 3.56 percent to 19,392.69 points.
While forecasts that the Fed will cut interest rates less next year caused a wave of stock selling, a negative trend was observed in the stock markets.
As expected, the Fed cut the key interest rate by 25 basis points to 4.25 to 4.50 percent.
While the bank raised its federal funds rate forecast to 3.9 percent next year, it signaled it would slow rate cuts in 2025.
The dot chart showing the future interest rate expectations of Federal Open Market Committee (FOMC) members shows that the Fed could cut two interest rates in 2025 by a total of 50 basis points.
Fed President Jerome Powell said at the press conference that the monetary policy stance was significantly less restrictive and that they would be “more cautious” when assessing future interest rate cuts.
Powell said it could take another year or two to reach the 2 percent inflation target, but he was confident they were on that path.
After the Fed's interest rate decision, the interest rates on 10-year US government bonds tested the level of 4.52 percent and reached the highest level in about six months.
The dollar index also rose over 1 percent to 108.2, reaching its highest level in almost two years.
The price of gold per ounce fell below $2,600, down 2 percent.
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