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The Federal Reserve left interest rates unchanged at its Wednesday meeting, delivering the result markets had already expected. The decision itself carries little new information.
What the Wednesday session produced instead are five takeaways that will shape the interpretation of where Fed policy goes from here.
What a consensus hold actually signals There is a difference between a hold that settles a debate and one that defers it. When a central bank delivers exactly what the market priced in, the vote is not the story.
The Fed's Wednesday meeting fits that pattern. Five takeaways emerged from the session, and the market's real work now is reading what those takeaways imply about the trajectory ahead.
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