Ed Hutchings, head of rates at Invesco, said investors will need to adapt to greater uncertainty under incoming Federal Reserve chair Wosh. He noted the Fed’s decision to hold rates steady broadly matched expectations, but there was substantial uncertainty before the meeting over the outcome and the statement wording — a dynamic that appears to be something investors will have to accommodate under the new chair.

Pulaisi chief U.S. economist Blerina Uruci said in a note that, absent a large oil-price rise and assuming inflation falls, the Fed could leave rates unchanged at the September meeting. She said the number of dissents at Wednesday’s FOMC meeting and oil-price uncertainty have left markets pricing roughly a 50/50 chance for September. Markets will continue to press the Fed and may not relent until inflation data forces action, though she maintains a view that the Fed will hold rates. June core CPI did not affect the Fed’s decision; she added that Wosh is monitoring the trend and, if it persists, it could work in his favor in a few months.

Federal Reserve chair Kevin Warsh said households keep us constantly vigilant.