The Federal Reserve left its target range at 3.50% to 3.75% at 18:00 GMT, three voting members dissenting in favour of an immediate quarter-point increase. Equities bought the hold and ignored the split, the index adding roughly 200 points in the minutes after the headline to trade near 52,100.
BNY reports that renewed Iranian–U.S. hostilities lifted Brent above 3%, reviving the inflation channel but remaining secondary to Fed and AI valuation drivers.
Geoff Yu at BNY reports that global equity allocations have reached a record share of portfolios, with United States (US) markets dominating both equity and fixed-income holdings.