The Fed left the federal funds target at 3.75%-4.00%. US Treasury prices
slipped; the two-year yield rose about 3bp to 4.76% after the decision. Traders
price roughly a 90% chance of a 25bp hike at the December meeting. Two Fed
policymakers dissented. Markets will monitor the chair's press conference for
clues on policy logic and the outlook, though the chair has resisted offering
forward guidance.
