And so concludes Federal Reserve Chair Jay Powell's press conference explaining the committee's decision to leave rates unchanged and also perhaps reducing the perceived expectation that we might get a rate cut in September.

This is closing bell. I'm Mike Santoli in for Scott Wapner today. Let's take a look at the markets.

They have backed off the equity indexes since Powell began speaking, not in dramatic fashion, but down about a half a percent in total

from the highs on the S&P 500. The Dowell you see is down now half a percent. The Russell 2000 is off

close to 1 percent from those highs. You did see the dollar bounce on some of those comments,

as well as treasury yields.

Again, within a relatively narrow ban, but it was a pretty pronounced reaction to a noncommittal

stance by the chair about whether September is likely to see a rate cut. He pointed out that

maybe the effects of tariffs in core goods inflation is noticeable enough right now.

He still wants to wait and see. Let's now bring in Charles Schwab's Kevin Gordon,

High Tower Advisors, Stephanie Link, and former Federal Reserve Governor Frederick Michigan.

Stephanie and Fred, Frederick are both CNBC contributors. And we are going to hear from

Steve Leesman, who was in the

room in just a moment.

And Professor Miskin, I'd love your takeaway on Powell's comments there.

I mean, he seemed to withhold any indication that he's leaning toward a cut in September,

and in fact, at one point said, hey, we're already looking through the tariff inflation

because we haven't hiked yet.

Yeah, I mean, I think his comments are measured, I think, spot on,

that we're in a situation where the economy is doing reasonably well.

It's moderating a little bit.

But as he mentioned, we're basically in full employment, and inflation is still

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