You're listening to Closing Bell in Progress.

All right, that was Fed Chair, Jay Powell, of course,

after the decision to raise rates by another 25 basis points,

the 10th such move in a little more than a year and maybe most importantly

of all as you heard the Fed chair non-committal on whether in fact it was 10 and

that's it. He said a decision on a pause was not made today and I'm quoting he

did acknowledge the change in language though essentially substituting

determining for anticipating when it comes to future rate hikes also said of the banking system

conditions have broadly improved he called it sound and resilient and that of course

despite the fact that we've had three bank failures since March He did note tightening in credit underscored how tight

the labor market remains.

As for stocks, there's your live picture there.

We're at the lows of the day for stocks.

It's taken a bit of a moment for all of this to filter into the market.

Stocks seem to be moving lower on the comment that the Fed Chair made about 10 minutes or so

ago where in their own forecast, it is not for inflation to come

down all of that quickly.

Quote in that world, said Fair, Fed Chair Jay Powell, he doesn't see rate cuts coming. The market of course is

telling a bit of a different story and we'll get into all of this with a great

panel ahead. Liz Young is with us today. Jeffrey Gunlock, as he has been for every Fed decision now,

is joining in just a matter of moments.

The Double Line CEO with us exclusively.

...