GBP/USD rose to 1.34, up 0.23% intraday.

Fed chair Kevin Warsh said financial markets have already priced most of the Fed's tightening since the June meeting and rejected describing today's decision to hold rates as a 'pause'. U.S. 2‑yr and 10‑yr Treasury yields have risen about 20bps since mid‑June. Warsh said markets have been repricing on inflation prints and resilient growth, lifting both nominal and real yields, and that leaving the policy rate unchanged today is 'the beginning, not the end' of the policy story.

The Baltic Dry Index fell 32 points (-1.2%) to 2,632 on Wednesday, its lowest since July 1, after drops in Capesize and Supramax rates offset a Panamax rise. The Capesize index slid 73 points (1.8%) to 4,067, its weakest since July 21; Capesize daily earnings fell $664 to $33,384. The Panamax index rose 7 points (0.4%) to 1,995, its first gain since July 15; Panamax daily earnings rose $57 to $17,953. The Supramax index dropped 20 points (1.2%) to 1,628, its lowest since June 10.