The Fed opted to hold interest rates steady at the second meeting led by Chairman Kevin Warsh. Back in 2016, the Fed went on to keep rates unchanged at its next meeting in November with two dissenters. Fed funds futures trading now suggests a more than 57% likelihood of a quarter-point increase at the September meeting, according to CME's FedWatch tool. About 53% of Kalshi traders predict that the Fed will hike rates, compared with 43% betting on another hold. Warsh said the Fed was focused on getting inflation down to its preferred annual rate of 2% after years of hotter readings.