Did the Fed cut interest rates Wednesday? No, but here's when they might

The Federal Reserve held interest rates steady Wednesday between 4.25% and 4.5% – exactly as interest-rate traders' bets had predicted after the policy-making body's meeting in June.

Traders now see the Fed’s Oct. 29 meeting as the most likely chance for an interest rate cut. That means short-term interest rates – which are heavily influenced by the Fed's decisions – could remain elevated for several more weeks.

Ahead of the Fed's announcement on Wednesday, two-thirds of interest-rate traders bet the Fed would cut its interest rate in September, according to the CME FedWatch tool. In the two hours after the decision, which included a Jerome Powell press conference, many rate-cut bets shifted to October.

The CME FedWatch tool tracks the likelihood that the Fed will change the federal funds rate based on futures prices.

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