(Bloomberg) -- US Treasury yields shifted dramatically after the Federal Reserve kept interest rates steady, pushing bond traders to pare back their expectations for a hike in September. Policymakers voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland's Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. "The early trade is just relief that Fed didn't move today," said Jack McIntyre, portfolio manager at Brandywine Global Investment Management. Most Read from Bloomberg Businessweek©2026 Bloomberg L.P.