Markets Pre-Open: US

31.5% — the market's pricing for an immediate rate hike at today's Fed meeting, an unusually high probability for a decision expected to be a hold.

The Focal Point

• Fed holds steady at 3.6%, widely expected, but the real drama lies in the hawkish tone and forward guidance from Chair Kevin Warsh.
• 79% probability of a September hike looms large, with markets pricing in nearly 90% chance rates rise by January per CME FedWatch.
• **Dallas Fed's Lorie...