- The Fed held rates at 3.50% to 3.75% in a 9-3 vote, with Beth Hammack, Neel Kashkari and Lorie Logan backing a 25-basis-point hike.
- Kevin Warsh dropped forward guidance and said the Fed’s inflation target is firmly set at 2%, with no softer version of that goal.
- Treasury yields jumped after the decision, with the 10-year above 4.67% and the 30-year above 5.2%, its highest level since 2007.