"You're dealing with the Fed that the market is still trying to understand," JP Morgan's Alex Wolf tells Fortune.

Markets lean toward a September Fed rate hike as rising Treasury yields, policymaker dissents and firm energy prices signal a more hawkish policy path.

The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — rose over 1 basis point to 4.614%.

The Dow fell over 2% after the conference.

The Dow fell over 2% after the conference.

By Greg Robb and Joy Wiltermuth

Treasury yields hit a 19-year high of 5.24% after the Fed held rates steady. Fed pause in next three meetings at 42% YES.

Fed holds rates steady amid dissent. Pause in next three meetings at 41% YES.