With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. Trend cruising speed. We'll get the forecast from the Federal Reserve in about 20 seconds time alongside that Fed decision. Going into it, the price action looks like this on the S &P 500, positive by 0 .2%. On the NASDAQ, almost totally unchanged. To the bond market, yields on a two -year, shaping up as follows, near, in and around 5 % on a two -year in America, 5 .05%. Mike McKee has the decision. This is the very definition of a unanimous hawkish pause. The Fed leaves rates today in the range of five and a quarter to five and a half percent while saying growth is solid and inflation elevated, so hire for longer. Policymakers leave another rate move on the table for this year and take two reductions off the table for the next two years. The statement once again discusses, quote, the extent of additional policy firming that may be appropriate. And the dot plot shows that 12 members of the Open Market Committee still believes they will raise rates by another 25 basis points this year. The high dot at six and a quarter percent comes out of the dot plot with St. Louis Fed's Jim Bullard's retirement. For 2024, the committee now sees a median effective Fed funds rate of 5 .1%, up 50 basis points from their June projection. And for 2025, 3 .9%, up from 3 .4 % in June. The long -run neutral rate is unchanged at two and a half percent, although the central tendency range moves up to 3 .3 % from 2 .8, and the dots show seven members think that the neutral is higher than two and a half.