Stock futures fell slightly in overnight trading after the Federal Reserve raised inflation expectations and forecast interest rate hikes as early as 2023.

Futures on the Dow Jones Industrial Average fell 59 points, or 0.17%. S&P 500 futures were down 0.27% and Nasdaq 100 futures were down 0.43%.

US stocks fell during Wednesday’s regular session following the Fed’s initial statement and economic forecast. The Dow Jones Industrial Average closed the day 265 points lower to 34,033.67. The blue chip average fell by up to 382 points over the course of the day. The S&P 500 fell 0.5% to 4,223.70. The Nasdaq Composite lost 0.2% to 14,039.68.

Markets rebounded from intraday lows after Fed Chairman Jerome Powell said that forecasts for future rate hikes should be made “with a grain of salt” and reiterated his belief that inflation is temporary .

Powell also did not issue any guidance as to when the central bank would begin tapering its bond-buying program.

“If you like, you can think of this meeting we had as the ‘talk about the talk’ meeting,” Powell said when asked about the tapering. “I now propose that we withdraw this term, which has served its purpose.”

The Fed chairman said the central bank will continue to monitor the economic recovery and issue “prior notice” before announcing any updates on the throttling.

“The market is reacting violently to the Fed’s hike in its inflation forecast, preferring those two rate hikes, but I’m not sure what they mean given some of the [inflation] Numbers, “said Michael Arone of State Street Global Advisors.

“There is this discrepancy between the summary of the economic forecast and what is in the statement,” said Arone. “The big question is, is it ephemeral or is it more permanent? and what the Fed did today didn’t help clear up that conversation. “

Also on Wednesday, China announced that it would release industrial metals from its natural reserves to keep commodity prices in check.

Investors expect quarterly earnings reports from Adobe, Kroger and other companies on Thursday.