You're listening to Closing Bell in Progress.

Stocks are at session highs as the Fed Chair wraps up his news conference.

Big rally on those remarks.

The Federal Reserve raises interest rates as expected by a quarter of a percentage point

that's a step down from what we saw last time the Fed Chair talked a lot about the

progress he is seeing on inflation he used the word disinflation a number of times, potentially why the market

is taking this as such a dovish read from the Federal Reserve Chair. Look, he also said that

they continue to see need for ongoing interest rate increases that there's

still more work to do when it comes to fighting inflation that he needs to see more

substantial progress that inflation is coming down but the stock market is

really keying into the other message that potentially they're

closer to the end on hiking interest rates. Joining us now with reaction is former National Economic

Council Director Gary Cohn, he is also the Vice Chairman of IBM

and the former President of Goldman Sachs,

regular on the Fed Day.

I guess the takeaway, Gary, is that this could have been a lot more hawkish.

Oh absolutely Sarah.

I mean Chairman came right out of the blocks and said the full effects of our actions have yet to be felt.

And that was literally in first or second sentence.

And I think from there he did go back and forth giving you

both sides of the argument but I think the fact that he gave us the side of the

argument that things have gotten better. He pointed out in his

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