Heavy crude oil in Alberta has weakened to the lowest price relative to US futures in more than four years.

The Federal Reserve held interest rates at 3.75%–4% in a 10–2 vote, citing resilient economic activity and persistent inflation. Chair Kevin Warsh said policymakers remain focused on returning inflation to the 2% target and are prepared to act as conditions require.

Short-dated US Treasury yields and the dollar fell after Federal Reserve Chairman Kevin Warsh said officials will have fewer interest-rate setting meetings starting next year.

USA-STOCKS/ (UPDATE 6, GRAPHIC):US STOCKS-Wall Street mostly rises as Fed holds key rate steady, deferring next likely hike to December

The US Federal Reserve held rates steady, but that may not be enough to lift Indian equities. Experts say the decision was already priced in, while crude oil near $115 a barrel, rising US bond yields, rupee weakness and foreign investor selling remain bigger risks. Here’s what may come next.