BREAKING: Fed holds U.S. interest rates steady, no cut or hike

The Federal Reserve keeping rates unchanged reduces immediate policy uncertainty but keeps restrictive financial conditions in place. With no cut signal, near-term repricing tends to concentrate in front-end yields, the US dollar, and rate-sensitive risk assets as investors recalibrate the path of policy and real rates. Market reaction will hinge on accompanying guidance and the perceived balance of inflation versus growth risks.