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Bloomberg Audio Studios. Podcasts, Radio News. The chairman of the Federal Reserve,

Jerome Powell, wrapping up the June Fed decision. No change at the Federal Reserve to interest rates, plenty of changes in the forecast. Inflation moving up a little bit, the dot plot moving down a little bit. Equity market is just about holding on to gains and still near all-time highs on the S&P 500. On the NASDAQ, we're still higher by 1.8%. The Russell up by 2.2.

If you turn the page and switch at the board and get to the bond market, this is where things

start to get interesting. Yields were down by double digits at the front end throughout most of the morning and into the afternoon. We're now down by only nine on a two-year at 474.55.

And if you take an intraday chart of the two-year yield,

this shows the story of the morning and the afternoon perfectly. I want to show you three moves. The first move was 8.30 Eastern time this morning when CPI came out, cooler that expected. What you see on yields, drop. Easy to see. On the far right side of the chart, two moves I want to point out. One's at 2pm,

another is in the news conference. At 2pm, we had some forecast. The dot block came out,

and we all wanted to know where the median dot would be. In March, it signalled, or at least

implied three cuts for 2024. That came down to one. Yield started to climb. And then we all

had a big question going into the news

conference. Well, hang on a minute. Did they factor in the inflation report that came out this

morning? And obviously, inevitably, Chairman Powell was asked about it. This is what he had to say.

What's in the SEC actually does reflect the data that we got today to the extent you can,

...