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The chairman of the Federal Reserve, that news conference ended almost as soon as it started.

The Fed Chair thinks we're restrictive.

Here are the scores for you.

In the equity market on the S&P 500, boom, vertical, almost straight away as soon as he started speaking.

The equity market positive by 1% on the S&P and announced that up by 1.1%.

The small caps bouncing back from a very, very bad April. Here in May, up by almost 2%. If you switch up the board, once again, if it's a Fed Decision Day, apparently it's a rally for the two-year, yields a lower by seven basis points, 496, 22, and I think it's about 420am in Tokyo. Dollyenne Dolly Yen looks a little something like this. I imagine the

Ministry of Finance is a little bit happier. It could have been a whole lot worse. Dolly N 157.49.

Take a listen to what the chairman of the Federal Reserve had to say. I do think the evidence shows

pretty clearly that policy is restrictive and is weighing on demand. And there are a few places I would point to for that. You can start with the labor market. So demand is still strong, the demand side of the labor market in particular, but it's cooled from its extremely high level of a couple of years ago. And you see that in job openings. You saw more evidence of that today in

the Joltz report, as you'll know. It's still higher than pre-pandemic, but it has been coming down both in the Indeed report and in the Joltz report. That's demand cooling. Neil Dato, Renéson's macro, with this line. The statement retains its easing bias. Power believes the policy is restrictive.

Look at the price action off the back of this Brammo.

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