overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer term inflation expectations well anger.

Reducing inflation is likely likely to require a sustained period of below trend growth and some softening of labor market conditions.

Restoring price stability is essential to set the stage for achieving maximum employment and stable prices in the longer run.

The historical record caution strongly against prematurely loosening policy. We will stay the course until the job is done.

To conclude, we understand that our actions affect communities, families and businesses across the country.

Everything we do is in service to our public mission.

We at the Fed will do everything we can to achieve our maximum employment and price stability goals.

What do you goals? Get the same way, what is the bond market telling you about this language in the Fed statement?

Well, I'll tell you what, we knew it was going to either be a pause pivot or continue to punish the 3p's.

But I think they weaseled in a little bit and through the markets a small bone. Granted, it's maybe the size of a wishbone.

But I'm wrong, I didn't think they throw any bone. The wording as it was put forth and what I heard from Kayla and Steve, to me, sounds like they gave it a little wiggle room which explained stocks.

And the markets smelled it right. I'm always a big believer in market whispering.

And if you look at a two year yield, it started to creep down. If you looked at the euro and the dollar index, the euro, well it started to creep up the dollar index started to creep down.

Those are both very telltale signs that were going to be a little less hawkish that maybe many anticipated.

And I think when it comes to what the Fed's going to do, I think that anybody who discusses data dependent, I just don't agree with.

I think the Fed and just based on how their statement reads, they are looking at a spot down the road and they change what that area may be.

But truly data dependent just doesn't seem to add up at this time. And one further point I'd like to make is that if you continue to monitor how much movement we get that is tossing some of the numbers into the next Fed meeting, whether it's Fed fund futures, which the moves are small or the moves in the current Treasury complex where yields are moving down, it's certainly a different response to this meeting.

And I think that's a very important point.

And I think that's a very important point.

And I think that's a very important point.

Okay, welcome. It's Wednesday, 2 November, the year of our Lord 2022, you're in the war room. Of course, the, that's Jay Powell and then the Great Rick Santelli over at CNBC from Chicago talking about the market reaction. We have a lot more capital markets and economics tomorrow morning. Let's say this, the Biden administration had made such a mess of things that Powell couldn't ease up for anything to kind of save this regime on the announcement they made today.

What six days before this all important midterm, the most important midterm since 1862. But I think they blinked a little bit got dovish and work they're going to do in the out months.

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