Stock Market Update

[BRIEFING.COM] The market is digesting the Fed's updated projections and comments from Fed Chair Powell, who is in the middle of his press conference to discuss the Fed's position.

His overarching message so far is much the same: there is a lot of uncertainty still, and the Fed will be waiting for more data to determine when to make a policy move. The translation here is that the Fed is still in a wait-and-watch mode and won't be cutting rates soon.

Stocks are a little weaker since the decision came out at 2:00 p.m. ET and Treasury yields are higher than they were before the 2:00 p.m. ET announcement.

The 2-yr note yield, which was at 3.90% just before the decision, is at 3.94% now, down one basis point from yesterday's settlement. The 10-yr note yield, at 4.35% just before the decision, is at 4.40% now, up one basis point from yesterday's settlement.