The Federal Reserve kept interest rates unchanged this month but suggested it expects another hike before the end of the year and anticipates fewer-than-expected cuts next year. In a statement, Fed Chair Jerome Powell said inflation "has moderated somewhat," but acknowledged that in the fight to get inflation down to 2% there's "a long way to go."

In response, the Dow fell 77 points, while the S&P 500 and Nasdaq also closed in the red. Elsewhere, the 2-year Treasury yield hit its highest mark since 2006, while the VIX enjoyed a fourth-straight gain.

Gold Futures Mark 5th Straight Win

Oil futures closed up shop lower Wednesday, marking a second-straight loss as prices retreat from their 2023 highs. For the session, crude for October delivery lost 92 cents, or 1%, to settle at $90.28 per barrel.

Gold futures notched a fifth-straight win after the Fed's interest rate decision. This marks bullion's longest winning streak since January. December-dated gold gained $13.40, or 0.7%, to close at $1,967.10 an ounce on the day.

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