The Federal Reserve held rates steady at 3.75% to 4% in a 10-2 vote, with Governor Lisa Cook dissenting for the first time and Cleveland Fed President Beth Hammack joining her in favor of a hike. Fed Chair Kevin Warsh defended the hold, announced that one meeting in 2027 and two in 2028 will focus only on strategy, and said politics played no role ahead of the midterms. Jake Conley and Julie Hyman break it down with J.P. Morgan Asset Management's Stephanie Aliaga, EY-Parthenon's Gregory Daco, Thornburg's Christian Hoffmann and former Kansas City Fed President Thomas Hoenig. After the bell, Microsoft jumped as Azure grew 48% while Alphabet sank on an ad revenue miss, with reaction from StoneX's Kathryn Rooney Vera, Futurum's Daniel Newman and CFRA's Angelo Zino. Plus, Robinhood CFO Shiv Verma on prediction markets, wealth taxes on the ballot, and Cisco's Jeetu Patel on AI agents. Market Domination, Market Domination Overtime and Asking for a Trend are live weekdays 3-5pm ET with Yahoo Finance Host Josh Lipton. 00:00 Awaiting the Fed decision 01:58 Fed holds rates in a split decision 04:47 Reaction to the hold 06:08 Fed panel: Stephanie Aliaga and Gregory Daco 24:02 Christian Hoffmann on the hold and bonds 32:08 Kevin Warsh's press conference 37:30 Warsh announces strategy-only meetings 39:11 Q&A: Why not hike today? 50:28 Warsh on Trump's comments about the Fed board 55:08 Do higher rates affect the AI boom? 57:46 Did the midterms factor in? 1:06:36 Reaction to Warsh's remarks 1:10:01 Are strategy meetings the right move? 1:18:40 Jennifer Schonberger's takeaways 1:22:47 Former KC Fed President Thomas Hoenig 1:34:58 Robinhood CFO Shiv Verma 1:38:47 Prediction markets up sevenfold 1:48:07 The political reaction to the Fed 1:53:05 Wealth taxes on the ballot 2:02:08 Closing bell 2:04:04 Microsoft and Alphabet earnings 2:11:02 Kathryn Rooney Vera on the Fed and AI capex 2:24:05 Microsoft earnings with Daniel Newman 2:37:55 Earnings: ServiceNow, Chipotle and Jersey Mike's 2:39:08 Alphabet and Microsoft with Angelo Zino 2:48:28 Cisco's Jeetu Patel on AI agents 2:57:17 What to watch Thursday #federalreserve #microsoft #alphabet == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace?ncid=100003571