The bell's bringing an end to the trading day at the NYSC. Hayward Holdings ringing the bell and at the NASDAQ. SUMA acquisition doing the honors. Welcome to closing bell overtime. We're live from Studio B at the NASDAQ market site. I'm Melissa Lee along with Mike Santoli. Sox closing lower costs aboard following the Fed decision to leave rates unchanged. The Dow down nearly 800 points. The SEP 500 NASAC, both lower by more than a percent closing at

session lows. Consumer discretionary and consumer staples, the worst performing sectors. Energy

was the best performer, but even it turned red late in the session. Melissa, you mentioned we closed

at the lows. We also basically closed at the lows for this pullback. That was from last Friday in the S&P 500.

Right back there, right back at the 200-day moving average.

Last couple days, you and I have been a little properly skeptical of like, you know, the staying power of these low volume bounces.

Now, what does it mean for the moment?

Banks still continue not to give you the green light to say that

there's nothing to worry about here with this move. We are just, you know, five plus percent off

record highs. It's six months into this period of no net progress on the upside. And the Fed, I think,

was just one more potential savior that didn't come through. It feels almost though though, like a death by 1,000 paper cuts here,

because we were sitting here, we're just 2% away from all-time highs.

We're just 3% away, and now we're 5.5% away from all-time highs.

Yes.

I thought, I don't know what your opinion was of the Fed News Conference,

I thought it was hawkish.

Yes.

I thought there was a moment in time where it really turned hawkish when there was a question

about how do you view the re-through in the economy in terms of inflation of higher oil prices? And he said, well, you have to take a look at the context of it, five years above trend, above our target inflation, plus the oil prices, he then went on to say, you know, the last time we saw we thought it was transitory, it lasted a whole lot longer than we thought.

Yes.

And so then you on to say, you know, the last time we saw inflation, we thought it was transitory, it lasted a whole lot longer than we thought. Yes. And so then you get to wonder, you know, what the thinking is and maybe we are higher for longer at this point. And on the other side, Powell was really unconcerned about very weak job numbers. So he essentially said, look, you know, kind of the break-even maintenance level of job creation is somewhere near zero for private payrolls. That's what we've had recently, and he's not alarmed enough to actually feel as if there needs to be near-term re-cuts for that. So you put it all together. Bottom market definitely responded, two-year yields, went back to a new multi-month high. And I think bigger picture, it kind of took away the possibility of what you would call good news rate cuts, right? That was the premise in October, November. We're going to run the economy hot, and the Fed's going to have room to cut, and you're not going to have to sacrifice on either side. Now it feels as if you might need more weakness or somehow a very sudden

decline in inflation to get a little more easing from the Fed. Yeah, let's get deeper into the Fed

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