Stocks sold off on Wednesday after new U.S. economic data as well as comments from the Federal Reserve chief stoked concerns about persistent inflation in the country.

The Dow Jones Industrial Average lost 768.11 points, or 1.63%, ending at 46,225.15. The index reached a new low for the year and closed below its 200-day moving average. With its month-to-date drop now at more than 5%, the Dow is on pace for its worst month since 2022. The S&P 500 fell 1.36% to 6,624.70, while the Nasdaq Composite dropped 1.46% and ended at 22,152.42.

The Fed kept its fed funds rate in a range between 3.5% to 3.75%, saying in its post-meeting statement that the “implications of developments in the Middle East for the U.S. economy are uncertain.”