You're listening to Closing Bell in Progress.

Fed Chair Jay Powell, first in-person news conference from the Fed in two years.

First, half a point rate hike that we have seen since back in 2000,

also announcing plans to trim the

nine trillion dollar balance sheet boy what a rally take a look at the stock market

turned on the Fed shares comments and kept going higher we're now at session highs where the Dows up more than

700 points. S&P 500 up 2.4 percent. The NASDAQ up 2.5 percent. Everything

rallying treasuries are also rallying. Yield yields are coming down and the dollar is weaker.

The takeaway there, he wasn't as hawkish as maybe some had feared.

And he ruled out the 75 basis point hike.

That was the question from Steve Leisman.

We'll talk to him in a moment.

But if the market was thinking that that was coming next,

he really said the more 50s are on the table.

Check out the most actively traded names

here at the New York Stock Exchange as we enter this final hour of trade right now.

Uber, down 4% earnings ahead of the bell, AT&T, Neo and Ford continue to be among the most actively traded names every day here.

Joining me at Post 9 for some instant Fed reaction, former National Economic Council director

and former Goldman Sachs president Gary Cohn.

Always good to have you on a Fed day what what a rally so it was

baked in yeah I think it was baked in I think the chairman like drove it

right down the middle of the road you didn't't hit either guardrail. He said exactly what people probably

...