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It's a special coverage of the Federal Reserve meeting.

Let's start with the scores all-time highs on the S&P 500, positive by 0.8%. On the NASDAQ at 1%.

On the Russell at 1.6 in the bond market, a rally for most of that news conference on a two-year,

yield to lower six basis points to 4.61.93. So let's talk about the why. The why is in the

outlook, the projections from the Federal Reserve, growth revised higher, unemployment,

revised down, inflation revised up, all maintaining the same median dot implying three cuts in

2024. So there was a clear and obvious contradiction in the outlook and a clear and obvious

question to ask in this press conference. What gives? This is what the chairman had to say.

It doesn't mean that. What it means is that, you know, we've seen incoming, as I pointed out in my opening remarks, we did mark up our growth forecast and so have many other forecasters. So the economy is performing well. And the inflation data came in a little bit higher as a separate matter, and I think that caused people to write up their inflation. But nonetheless, we continue to make good progress on bringing inflation down.

There's two ways to interpret this, the unkind way and the kind way. The unkind way, if you're

a Fedbacher, you would say he wasn't prepared for that question. The kind way would be to assume

...