You're listening to Closing Bell in Progress.

Fed Chair Jay Powell, after raising interest rates, another three quarters of 1%,

signaling more work is to be done to fight inflation. More pain, he said, until we get to that 2% inflation level

just want to show you what's happening with stocks all over the place

they initially dropped at 2 p.m.

when we got the news and we got the dot plots which is the projections

that the Fed members make for future path of interest rates. They looked

higher certainly than June and then the market was expecting 4.4% rate by the end of this year

4.6% for next year higher than the market was expecting again saw the market tank on

that and then we rally during Fed Share Powell's news conference. on that

the data

the pace of increases depends on the incoming data that data dependency perhaps signaling a flexibility there.

Perhaps the reason for rallying,

then we lost all the gains just in the last moment or tow

when he started, so when he started talking about pain again.

Joining us on set, as we do on these Fed days,

Gary Cohn, former NEC NEC director former Goldman Sachs

president. Mark has been all over the place what's your takeaway? Well I think the

speech was or the news conference was very much a follow-on from Jackson Hall. We didn't have a Fed

meeting last month in August, but we in essence did have a Fed meeting because the

chairman laid out his very detailed long speech in Jackson Hole where he really laid down

that they were going to try and be vigilant they were really going to try and get

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