The Dow Jones Industrial Average fell more than 500 points Wednesday — erasing early gains after new Federal Reserve Chair Kevin Warsh held his first policy meeting and played his cards close to the vest afterward.

The broader S&P 500 also dipped 1.2 percent in the worst showing for a new chair on “Fed day,” with the losses mounting as Warsh spoke to reporters following the latest two-day meeting of the Federal Open Market Committee , CNBC reported.

The tech-heavy Nasdaq fell even more and was down 1.4 percent.

The declines, which pushed the Dow 1 percent lower, came after the Fed kept its key interest rate unchanged and nearly half of its policymakers said they could support a rate hike later this year, according to The Associated Press.

“He is absolutely telling you that he plans on delivering on price stability,” DoubleLine Capital CEO Jeffrey Gundlach said of Warsh on CNBC. “That means… we’re not going to have such easy money policy as everybody thought maybe Chairman Warsh would do back in the first quarter of this year, when everyone was counting on rate cuts.”

In quarterly projections released after the meeting, nine of the other 18 members of the Feds’ rate-setting committee signaled they supported raising the rate, with six supporting two quarter-point increases, AP said.

The officials also dropped language that suggested their next move would be to cut the key rate, pointing to heightened inflation concerns and going against President Donald Trump’s desire for lower borrowing costs.

During his news conference, Warsh underscored the Fed’s determination to reduce inflation to the central bank’s target of 2 percent, suggesting he might support higher interest rates, AP said.

Last month, the annual U.S. inflation rate rose to 4.2 percent, up from 3.8 percent in April and marking its highest level in more than three years.

“We’ve missed (on inflation) for five years and we’re going to fix that,” Warsh said. “When we deliver on our price stability objectives, which we will, the American people will feel as though the hardships that they’ve been living through … are in the rear view mirror.”

The Fed’s latest, anonymized Summary of Economic Projections — known as the “dot plot” —featured only 18 submissions, with Warsh telling reporters he didn’t take part, Reuters reported.

“It’s been the practice of this committee for participants to submit these projections, and I have encouraged my colleagues to continue to do so,” Warsh said. “I, however, refrained from offering any projections of my own, consistent with my long-held views on ​the SEP, at least as it is currently structured.”

Trump has been demanding lower interest rates since he returned to the White House and publicly harangued former Fed Chair Jerome Powell, mocking him with the nickname “Too Late” despite having nominated Powell to the post in 2017.

Speaking to reporters Wednesday in France, where he’s attending the G7 gathering, Trump downplayed the Fed’s decision to hold interest rates steady, according to Reuters.

“It’s all right. Whatever,” he said.

Trump also acknowledged that a rate hike was possible, adding, “It’s hard ​to believe. It just keeps the country down and it’s so, it’s so, unusual. ​But we have a very good guy over there right now so I’m guided by what he ‌wants.”