The Fed Didn't Hike, But It's Itching To; S&P 500 Pares Loss (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 bounced on the news ahead of Chairman Kevin Warsh's 2:30 p.m. ET news conference after falling earlier amid rebounding oil prices and the ongoing sell-off in AI and chip names. Ahead of the Fed announcement, Wall Street was in the unusual position of not knowing what would happen.