The Nasdaq is at a session high, up 1.6% in the aftermath of the FOMC decision and Powell's press conference.

"It feels like the risks are more two-sided now around inflation," Powell said.

At one point there was a dip in risk assets and a bounce in the dollar as he refused to take future hikes off the table but that was later wiped out.

Ultimately, there is little to take away from this press conference. Powell preserved the bias towards hiking rates but highlighted upcoming data and the lagged effects of tightening. He also indicated that the FOMC was thinking about the impact of higher long-term yields on the economy.

The dollar is near the lows of the day in the aftermath of the decision and AUD/USD illustrates the board USD trade on it.

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