Welcome to the DC Today, your daily market synopsis of the Dividing Cafe,

brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets.

Well, hello and welcome to the DC Today, Fed Day Wednesday, and this is a very strange location.

I'll actually post a picture on social media because I'm at the

Delta Airlines, you know, Sky Club or whatever they call it here at the Minneapolis Airport. And I had

several client zooms and calls, a lot of writing, a lot of reading, portfolio work. And I have a flight at the end of the day.

And so in this Sky Club, they have this like a phone booth.

It's an overgrown phone booth where you can get privacy.

Close a door, have a table, have power, just kind of set up a little mini office.

And it's quite a scene.

I've spent an awful lot of my life in airports

and yet to go plug into something like this all afternoon and work

and in fact recorded DC Today is a first in terms of doing something like DC today

from a venue like this.

So I'll look forward to being back in the studio in the Newport Beach office tomorrow.

But the Fed didn't do anything surprising at all today.

Raised rates a quarter point.

As was expected right now, futures are pricing a 91% chance that there will not be any more rate hikes from here. Of course,

that could change, but that's where things stand now. I did listen to all of J. Powell's press

conference, the chairman of the Federal Reserve, and there were no big surprises. He mostly talked.

They changed language in their release, And they made more references to the

lags of monetary policy, which sort of indicates, hey, we may need to give time to see if

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