The market reaction to the FOMC decision, dots and press conference is a bit of a mess. The only clean move has been in long-dated bonds, which are rallying. That's helping to weigh on USD/JPY.

Otherwise, it's all over the place.

Here's the one-minute chart of AUD/USD:

AUDUSD 1 min

The latest move is a rout in stocks that's lifting the dollar. It's a move that suggests stocks don't like repricing for a higher path of rates to 4.50-4.75% or 4.75-5.00%.

Combined with the bid in the long end, it's a bit of a recessionary move overall.