A reminder about what happened after the last FOMC meeting
June 9-10 was the previous FOMC meeting
There wasn't any great explanation for what happened after the June 10 FOMC decision but it was one of the worst days for stocks ever, with a 6% drop.
Some market-watchers blamed Powell's negative tone and if that's the case, then I think it will be worse today because data is deteriorating.
In FX, USD/JPY swooned ahead of the decision and guess what's happening right now?