Fed Holds Rates; Rate-Cut Winners Index Up 0.08% at 90.20

The muted 0.08% move in the rate-cut winners index suggests markets read the hold as expected rather than as a shift in the easing path, with the W-shaped equity session pointing to intraday indecision rather than conviction. The signal to watch is whether the index's modest gain holds or fades as the press conference language is digested — a flat-to-lower close would imply the hold did more to dampen easing expectations than the headline number shows.