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The Fed Didn't Hike, But 'Will Not Waver' In Inflation Fight, Warsh Vows

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The Federal Reserve held its benchmark interest rate steady, but multiple dissents in favor of a rate hike support market expectations for a tightening of monetary policy in September. The S&P 500 closed sharply lower, but the selling didn't appear related to the Fed outlook. The stock market cut its losses after the Fed announcement and as Chairman Kevin Warsh…