FOMC days can be interesting to trade. The thing to do is wait until Powell starts his press conference at 2.30 p.m. and try and pick off a remark the FED chief makes that the market finds compelling.
Today it was this remark above. When the market heard what it wasn’t expecting it immediately turned on the short rise that had preceded it.
And when a few minutes later Powell clearly stated that March cuts were not likely, the market accelerated southward.