The Fed kept interest rates on hold today, defying a 30% chance in the Fed Funds Futures market that rates would rise. The Committee voted 9-3 to keep rates on hold, with governors Kashkari, Hammack and Logan all voting to hike rates due to concerns about inflation. The immediate market reaction has been a sharp drop in the USD on a broad basis. These include:· The Federal Reserve is watching the market reaction to monetary policy. Chart 1: The USD index falls after the Fed rate decisionSource: XTB