Wall Street declines on track for weekly losses

US stock indices marked heavy losses on Friday while heading for a weekly decline amid renewed concerns about US inflation and recession.

The Fed decided to maintain interest rates at below 4.5%, but still expected two rate cuts this year.

The Fed raised its inflation forecasts this year and the next, while reducing its growth forecasts, triggering concerns about a potential recession.

On trading, Dow Jones fell 0.4%, or 140 points as of 15:11 GMT to 41,773 points, while S&P 500 fell 0.4% to 5637 points, as NASDAQ dropped 0.3% to 17,632 points.