Tl;dr: The Fed held rates unchanged, delivering the biggest surprise "non-cut" to the market in decades. Three dissenters wanted a rate-hike, clearly signaling the direction of travel and confirming this decision as a "hawkish hold" though arguably only marginally. Jonathan Pingle, chief US economist at UBS, said he hasn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair. So, with the market pricing a one-third chance of a hike today, what did The Fed decide? And that may prove helpful to Warsh if he aims to tamp down inflation pressures.