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Line chart tracking the market-implied probability of a Federal Reserve interest rate hike at the September meeting.

The Federal Reserve held its policy rate at 3.5 to 3.75 percent Wednesday, but three of twelve voting members dissented in favor of a hike, the most dissents on a single decision since 2016. Expectations for a larger half-point move have largely disappeared even as odds of some hike climbed, and the 30-year US Treasury yield touched its highest level since 2007. The Bank of Canada does not meet again until September 2, leaving five weeks in which the Fed's repricing moves Canadian borrowing costs on its own.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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