Welcome to closing bell everyone I'm Sarah Eisner I've just want to show you what's happening with the market stocks are rallying they pretty much rally throughout

Fed share Powell's press conference. It seems like we did get that news early on in the news conference really before the

question and answer session where he talked about the next meeting where he

talked about sort of the unusual nature of the 75 basis point increase you saw

yields especially in the short end, the two-year go down,

saw the yield curve actually unflatten, steepen a little bit. You saw the dollar weekend

and all of those things helping stocks rally.

It's been the reverse of what we've been seeing over the last few days.

Joining me now is Gary Cohn, former NEC director, former Goldman Sachs president,

and now a tradition here on Fed Day where the market

rallies off of a super hawkish move by the Federal Reserve. What's your

takeaway? Well I think you characterize it right. You know the word that Paul used was unusually

large and then he said we could do it again next month so maybe not as unusual.

And then I thought the interesting part of the conference is the question you and I were waiting

for, which was the soft landing question, which you got late in the conference.

And as you and I said, the runway is getting narrower and shorter for the soft landing and then the chairman went out of

his way to say he's doing his part on the equation but what's going to happen

on the supply side of the equation and he's going to need help and I think that's true they're

going to need help on the supply side of the equation just moving interest rates

by itself may not be enough to tempt down inflation you know we're starting to see the responses that we'd like to see.

We're starting to see some of the consumers pull back. We're starting to see in the consumer

confidence numbers. We're starting to see some layoffs in the system.

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