The US Federal Open Market Committee voted to keep the policy rate unchanged at 3.50 to 3.75 percent, as expected. But markets came under pressure from rising uncertainty after Fed Chair Kevin Warsh avoided signaling the next policy direction and stressed that decisions will depend mainly on economic data. He acknowledged that if inflation does not slow, tighter policy may be needed. Meanwhile, three FOMC members dissented, favoring an immediate rate hike, reflecting inflation risks that have stayed above the 2 percent target for more than five years. Those concerns pushed the 10-year US Treasury yield above 4.67 percent and the 30-year yield past 5.20 percent, the highest since 2007, weighing on risk assets, especially growth stocks and semiconductors. Data from the Global Investing team at Bualuang Securities indicates that in the near term, investors will focus more on inflation, bond yields, and US economic data than on rate-cut expectations.