Hey there. Welcome to the Daily Briefing. It's Wednesday, May 4, 2022. A Maggie Lake in

here with me today is Darius Dale, founder of 42 macro. And wow, Darius, like this is

a move we are seeing after the Fed.

So it's a lot of stuff to unpack. I think it's a very, very important meeting in terms of the

kind of next six to nine months of a market activity. It's certainly well, let's catch everybody up

if you haven't been glued to your screens. So today, big Fed day, right, end of the two-day meeting,

they hiked 50 basins points as expected. But then Fed Chair Jay Powell came out and basically

ruled out any aggressive, said they're not actively considering more aggressive rate hikes. Basically

taking a 75 basis point rate hike for June off the table, which completely surprised the market.

The reaction was swift. And as you said, Darius, straight up, let's just walk through the numbers.

They're notable. The major US stock markets were just closing here, rally, 3% across the board.

The Dow up nearly a thousand points, the Nasak, 3.19%, the S&P 500 of 3%, it's best gain, I think,

since May 2020. If that holds the yields on the 10-year treasury bond, moving in the opposite

direction, back down to 2.92, backing all the way down from 3%. That's a big move of cryptocurrencies

rallying, risk on, and the VIX falling 13%. And again, we'll have to see if this holds. But just,

what did you make of the press conference? Because that seemed to be what really lit this thing going.

Yeah, absolutely. So anytime we have one of these sort of off-schedule FOMC meetings,

where we do not get a revised dot plot in summer, economic projections, really the whole market,

the whole world's global financial markets are hinging on one man's mouth. And he's made a couple

of comments. Obviously, you alluded to the 75 basis point rate hike being something they're not

actively considering. That kind of got things going. You remember that for the first kind of

little part of the press conference market or in chains, you were on edge looking for the signal.

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