You're listening to Closing Bell in Progress.

You were just listening to Federal Reserve Chairman Jay Powell after the Fed raised interest rates by a quarter

point as expected, and the market saw enough in there for both Bulls and Bears to

grab on to rally initially and then we backed off significantly. J Powell

essentially granting that the credit crunch that they might anticipate from the banking instability

could have an effect of drawing down inflation in their favor.

On the other hand, refusal to commit to rate cuts later in the year as the market is now pricing in and he also said he's

hard to see how recent events have made a soft economic landing more likely even

if in fact he still hopes there is a path to that soft landing.

See the S&P 500 it topped out about 4040.

There was a decent little rally mostly in the NASDAQ.

NASDAQ 100 up 1% at one point in reaction. Of course the market often seesaws back and forth in

reaction to what the Fed does. The dollar index, very interesting moves. It really plunged

at the beginning of the press conference. It was taken as very dovish that the chair was essentially granting that, again,

inflation might become a little more friendly, but refusing really to say that the job is

then you see when the dollar index bounce that's when it was

taken as perhaps a little less dovish and that's when the stock market

backed off you are watching closing bell I'm Mike Santoldi and for Scott

Wopner we're live from post 9 at the New York Stock Exchange.

We have a big show ahead. Charles Schwabs, Liz Ann Saunders, with us for her first reaction to the Fed decision.

She's going to be joining us shortly. And with me here at post nine Josh Brown

c. NBC contributor Ritholz wealth management CEO and co-founder Josh

...