Will Warsh Hold the Line With Rates Near 4.5%?

U.S. equity futures are nearly unchanged Wednesday as markets brace for Kevin Warsh’s first Federal Reserve rate decision at 2:00 PM ET, with a 97% probability the Fed holds at current levels. The 10-year Treasury yield sits at 4.47%, gold has pushed to $4,336.83, and WTI crude trades at $75.47. VIX at 16.41 suggests options markets are pricing modest risk around the announcement, but not alarm.