- Stocks finished little changed after the Federal Reserve signalled that it may resume interest-rate hikes after pausing its tightening cycle in June to assess economic conditions.
- The S&P 500 finished 0.1% higher, regaining some ground after Jerome Powell stated that no decision has been made for the next few meetings. Treasury two-year yields rose three basis points to 4.7%, making them more sensitive to upcoming Fed moves. The value of the dollar decreased.
- The Fed's decision kept the benchmark federal funds rate at 5% to 5.25%. According to the median projection, borrowing costs will rise to 5.6% by the end of the year, up from 5.1% in the previous round of projections.
