The feedback‐related negativity (FRN), a frontocentral ERP occurring 200–350 ms after emotionally valued outcomes, has been posited as the neural correlate of reward prediction error, a key component of associative learning. Recent evidence challenged this interpretation and has led to the suggestion that this ERP expresses salience instead. Here, we distinguish between utility prediction error and salience by delivering or withholding hedonistically matched appetitive and aversive tastes, and measure ERPs to cues signaling each taste. We observed a typical FRN (computed as the loss‐minus‐gain difference wave) to appetitive taste, but a reverse FRN to aversive taste. When tested axiomatically, frontocentral ERPs showed a salience response across tastes, with a particularly early response to outcome delivery, supporting recent propositions of a fast, unsigned, and unspecific response to salient stimuli. ERPs also expressed aversive prediction error peaking at 285 ms, which conformed to the logic of an axiomatic model of prediction error. With stimuli that most resemble those used in animal models, we did not detect any frontocentral ERP signal for utility prediction error, in contrast with dominant views of the functional role of the FRN ERP. We link the animal and human literature and present a challenge for current perspectives on associative learning research using ERPs.