US equity markets were weaker into the FOMC statement after 'good' news from ADP on the labor market. The FOMC statement was met with euphoria in stocks as traders saw hopes for a 'pause' but Powell pissed in that punchbowl during the presser with the following exchange: “the labor market continues to be out of balance, with demand substantially exceeding the supply of available workers” reinforces the notion that the Fed is looking at both employment and inflation as giving it plenty of reasons to keep tightening. Powell reiterated previous comments that “at some point” it will become “appropriate to slow the pace ... (full story)