The Federal Reserve kept its benchmark interest rate steady in a range of 3.5% to 3.75% following a divided 9-3 vote at the second FOMC meeting under Chairman Kevin Warsh. Treasury yields continued climbing, with the 30-year reaching 5.236%, its highest level since July 2007, the 10-year at 4.7%, and the 2-year at 4.289%. Deutsche Bank analysts still expect a total of 50 basis points in rate hikes this year, split between September and December. June inflation is forecast to have grown by 3.7% annually and 3.3% on a core basis excluding food and energy.
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