Fed holds rates steady with two dissents; S&P 500 edges higher as Warsh speaks

The Federal Reserve kept its key interest rate unchanged at the October meeting, as expected, despite two dissenting votes from Fed Gov. Lisa Cook and Cleveland Fed President Beth Hammack. The S&P 500 remained slightly higher after the 2 p.m. ET statement and during Chairman Kevin Warsh's press conference. Warsh said the Fed is applying "new monetary medicine" and that inflation expectations are moving in the right direction. Markets are pricing 86% odds of a quarter-point hike at the Dec. 9 meeting. The 10-year Treasury yield rose to about 5.05%.