The Fed raised interest rates for the first time in three years, and the market's reaction was bad for bank and airline stocks, though the rate hike itself was expected.

• The Fed voted unanimously for a quarter-point rate hike, exactly what markets expected.
• Higher rates make borrowing more expensive for companies, so big bank stocks led the Dow down over 600 points.
• New Fed chair Kevin Warsh, appointed by Trump, said inflation is still too high and more steps are needed to control it — his comments moved the market more than the hike itself.
• Trump pushed back, saying the U.S. has the best credit in the world and should have much lower rates.
• Airline stocks also fell hard as jet fuel prices jumped, with oil still above $100 a barrel because of the Iran war.

Outlook: Stocks bounced back the morning after, but with Warsh signaling more tightening ahead and oil staying high, more big swings are likely.