Stocks Slip After Fed Keeps Rates on Hold

The stock market wavered after the Federal Reserve opted to keep interest rates steady during Kevin Warsh’s first meeting as chairman. The Federal Open Market Committee continued this year’s pause with a target for the federal-funds rate in a range of 3.5% to 3.75%. “Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy,” the FOMC said in its statement.