Stock Market Update

[BRIEFING.COM] The major indices have moved higher as Fed Chair Powell began his press conference. The Nasdaq Composite is 3.1% higher and the S&P 500 is up more than 100 points. 

Mr. Powell has reiterated that the committee will continue to make decisions meeting-by-meeting while acknowledging the improvement on inflation and softening in the labor market, as expected. He said in part "we're balancing the risk of going too soon versus too late. There's no guarantee in this. It is a very difficult judgment call."

The 2-yr note yield, which is most sensitive to changes in the fed funds rate, moved lower in recent action. The 2-yr yield was at 4.36% before the policy directive, jumped to 4.38% in response, and sits at 4.33% now.