Welcome to closing bell. I'm Scott Wobner, live from Post 9, right here at the New York Stock Exchange, as usual.

That was the Fed chair, of course, following a meeting in which the Federal Reserve made no changes to interest rates,

but the outlook was always going to be the most important part of what happened today, as you know.

The Fed did increase its inflation outlook. It did cut its growth forecast.

A more stagnationary outlook, you could say,

steps down for the economy and some steps up for inflation. He did say still that the economy

continues to expand at a solid pace, even with all of the uncertainty caused by tariffs.

Very importantly, seven members now calling for no rate cuts this year.

That's up from four at the last projection in March. Chair Powell saying the Fed is, quote,

well positioned to wait and see what happens, both on the tariff and employment front. Markets,

very interesting story. Green right after the statement, perhaps because the market's like, well, okay,

I'd rather have a strong economy than rate cuts. But at about, let's say, 252, 253, you did have

some very interesting moves in the market. You had stocks sell off, you had bonds move up perhaps because of this line

we expect a meaningful amount of inflation the fed chair said to arrive in coming months

and need to take that into account we take all of that into account as we welcome in

geoffrey gunlock he's the ceo cio and founder of Double Line Capital. Good to see you.

It's always great to have you on these Fed days, Jeffrey. What was your biggest takeaway from what you

heard from the chair? It seemed like kind of a repeat of the last press conference, except I think

his messaging was a little crisper this time around. Last time it was sort of like, we don't know anything, which doesn't sound very good.

And this time it was sort of wait and see.

And we're getting to a point, I've talked about this at the meetings all year, where we

started the year in January with the Fed saying, we're in a great place, because everything was kind of going

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