The Fed Didn't Hike, But 'Will Not Waver' In Inflation Fight, Warsh Vows (Live Coverage)

The Federal Reserve held its benchmark interest rate steady, but multiple dissents in favor of a rate hike support market expectations for a tightening of monetary policy in September. The S&P 500 cut its losses on the Fed announcement and as Chairman Kevin Warsh spoke, briefly turning positive. Ahead of the Fed announcement, Wall Street was in the unusual position of not knowing what would happen.