You're listening to Closing Bell in Progress.

And welcome to Closing Bell.

I'm Scott Wobner here, post 9, New York Stock Exchange.

And as we hit this final stretch, seems pretty clear,

the markets did not get the more hawkish fed share that it had feared and perhaps even prepared for in the days leading up to this moment though chair pal cited a quote lack of progress on inflation

expectations remain quote well anchored.

He said he still expects inflation to move down as the year

progresses especially in housing and importantly he all but took a hike off the table,

calling those prospects, quote unquote, unlikely,

unless something dramatic were to happen.

We checked the markets now, clearly the market's taking this as a bullish event today at least for this moment you see the Dow there almost everything is higher by at least 1% interest rates coming down a touch no surprise that you would see the Russell 2000 doing quite well.

Dollar sold off there's your interest rate picture those are falling a bit as well.

So let's bring in Jeffrey Gunlock now.

The CEO, CIO, co-founder of Double Line Capital.

Jeffrey, it's good to see you. Welcome back.

Nice to be back on Fed Day, Scott.

Yep, and it's good to have you.

First and foremost, your reaction to what we just saw.

Well I think you just said the most important word which was unlikely.

Unlikely the next policy move will be a hike and he went quite out of his way to make it sound like they're not

contemplating a hike at all based upon the data that's come out even though he's being

a little bit disingenuous by claiming that inflation is below 3%.

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