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Wall Street’s immediate reaction to the Federal Reserve’s policy decision on Wednesday: a big yawn.

US stocks wavered in a tight range after the central bank held rates steady as expected, while Treasury yields held onto their gains.

The S&P 500 was recently down by 0.1 per cent, while the Dow Jones Industrial Average was up by the same margin on a per cent basis.

The 10-year Treasury note yield was up by 3.3 basis points to 2.487 per cent, down slightly from its high of the day. The two-year yield was up by 2.2bps to 1.22 per cent.

Gold, which had been down as much as 1 per cent earlier in the session, shed most of its losses to trade down by 0.1 per cent at $1,208.8 a troy ounce.

Meanwhile, the US dollar surrendered much of its gains from the day. It was up by as much as 0.5 per cent ahead of the decision, and higher by 0.1 per cent after.

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