Fed Holds Rates, Yield Curve Steepens; September Hike Odds Fade

Fed held at 3.75% on July 29, but Chair Warsh's tone was hawkish. Yield curve steepened 20bps as long-end sold off. Rate hike odds for September are being priced out on the front-end, but long-term rates rise. Market now focused on PCE and GDP data this week. S&P 500 in danger zone with negative gamma.