Fed holds rates steady; Warsh tone seen as dovish, stocks edge higher

The Federal Reserve held rates steady as expected, and Chair Kevin Warsh's comments were read as slightly dovish, signaling no rapid series of hikes. Stocks and longer-term yields ticked higher. Two officials dissented in favor of a hike. Rate futures imply an 85% chance of a December increase. After-hours, Alphabet fell on an ad revenue miss; Microsoft rose on a beat.