The FOMC kept rates unchanged at 3.50–3.75%, but the 9–3 vote, with three members favoring a rate hike, suggests growing concern about persistent inflation. Despite the hawkish split, equities advanced over the week, indicating investors remained focused on earnings and economic resilience rather than immediate policy tightening. However, mixed monthly performance, particularly in technology stocks, reflects continued sector rotation and caution over the longer-term interest rate outlook.