You're listening to Closing Bell in Progress.

Welcome to Closing Bell.

I'm Scott Wopner here at the New York Stock Exchange.

Fed Share Pal, as you see, wrapping up his final meeting

and news conference of the year, a third straight pause,

and what can really only be

called dovish language in both the statement and from the Fed chair himself

as a result of that stocks are rallying want you to take a look here. The Dow, a new record high.

Was trading above 37,000 for the first time ever.

Stocks are higher and sharply so across the board.

Yields, they're going in the opposite direction. They are

falling and they are falling sharply. Look at the 10-year note yield.

404. Just an extraordinary a bit of events there in Washington.

The Fed Chair saying they're proceeding carefully,

they're seeing what they've wanted to see in terms of inflation coming down.

He mentioned their own estimates of PCE continuing to move

closer towards target stocks up a little more on that. He said the Fed is

quote likely at or near the peak rate for this cycle stocks up a little more on that.

Bob Pizani calling what happened today about as Goldilocks as it gets.

Our own Steve Leisman who's going to join us momentarily suggesting, quote, the Fed took a step towards the market rather

than the other way around joining me now is double line capitals Jeffrey

gunlock he's with us exclusively as he always is once the Fed share finishes.

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