NEW YORK, New York - Wall Street buckled on Wednesday and the U.S. dollar roared as the Federal Reserve delivered a 75 points official interest rate increase. The move was widely anticipated but markets responded with a volatile response.

"We have got to get inflation behind us," Fed Chair Jerome Powell (pictured) said in a news conference after the release of the Fed's FOMC statement and updated quarterly economic projections. "I wish there were a painless way to do that. There isn't."

The Dow Jones industrials shed 522.45 points or 1.70 percent to 30,183.78.

The Nasdaq Composite declined 204.86 points or 1.79 percent to 11,220.19.

The Standard and Poor's 500 dropped 66.00 points or 1.71 percent to 3,789.93.

The euro tumbled to 0.9840 by the New York close. The British pound dived to 1.1272. The Japanese yen weakened to 144.04. The Swiss franc eased to 0.9665.

The Australian dollar crumbled to 0.6632. The New Zealand dollar was unwanted at 0.5852. The Canadian dollar fell to 1.3466.

Overseas, the FTSE 100 in London gained 0.63 percent. The German Dax added 0.76 percent. The CAC 40 climbed 0.87 percent.

In Japan, Wednesday, the Nikkei 225 tumbled 318.19 points or 1.15 percent to 27,370.

The Australian All Ordinaries declined 104.90 points or 1.49 percent to 6,925.10.

In New Zealand, the S&P/NZX 50 dropped 71.48 points or 0.62 percent to 11,498.95.

South Korea's Kospi Composite eased 17.60 points or 0.74 percent to 2,350.25.

In Hong Kong, the Hang Seng shed 336.80 points or 1.79 percent to 18,444.62.

China's Shanghai Composite lost 5.23 points or 0.17 percent to 3,117.18.