The Federal Reserve held interest rates steady at its latest meeting, but three members dissented in favor of an immediate hike, marking the highest number of dissenters since September 2016. Fed funds futures now indicate a greater than 57% likelihood of a 25-basis-point increase at the September meeting. In reaction, markets displayed risk-off sentiment: the S&P 500 fell 1.5%, the Dow Jones dropped more than 2%, and the Nasdaq plunged more than 10% from its all-time high. The 30-year Treasury yield reached its highest level since July 2007, while the 10-year yield crossed above the key 4.6% level.
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