Global markets remained cautious on Wednesday as investors awaited the Federal Reserve’s policy decision and Chair Kevin Warsh’s press conference for further guidance on the interest rate outlook. The U.S. Dollar Index (DXY) continued to trade near recent highs, while Treasury yields stayed elevated as markets maintained expectations that the Fed will keep rates unchanged while retaining a cautious stance on future policy.

U.S. equity index futures traded mixed ahead of the announcement, reflecting cautious positioning before one of the week’s key macro events. Meanwhile, oil prices remained supported by renewed geopolitical tensions in the Middle East, adding to inflation concerns. Gold traded in a narrow range as higher Treasury yields and a firmer dollar offset safe-haven demand, while silver outperformed slightly on resilient industrial demand and continued investor interest. Markets are now looking to the Fed’s statement and Chair Warsh’s remarks for clues on the timing of future policy moves, which are expected to drive near-term price action across currencies, commodities, and equity markets.