The Fed's statement is a bit of a head-scratcher

• Powell suggested a high barrier for rate increases in 2020, and a willingness to cut, but the Fed's dot plot shows a higher likelihood of rate hikes than rate cuts next year.

Of note: Powell also expressed the central bank's willingness to expand its Treasury purchase program to include longer-dated bonds if the repo market sees more stress, but held off on announcing a standing facility or guaranteeing any further initiatives to pump more liquidity into the market.

• Analysts have warned that dysfunction in the market could be a warning sign of bigger problems.

Go deeper: The market will need the Fed again in 2020