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Expand chart
Data: Bespoke Investment Group; Chart: Chris Canipe/Axios

Jerome Powell finally got the markets on his side. The S&P 500 fell after each of his first seven FOMC meetings as chairman (by far the longest on record), but the market jolted higher on Wednesday.

One big quote: "The big pivot in FOMC communication was not just the introduction of the word ‘patient,’ but also the removal of forward guidance explicitly signaling that the next change [will be a rate increase]," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.

  • "This is all the more remarkable given that back in December, 15 FOMC members anticipated one or more hikes to be prudent in 2019. There certainly has been a change of heart in D.C."

Bank of America Merrill Lynch called it the "Dove Show."

Between the lines: Whether Wednesday was, in fact, a good day depended on who you asked and what they buy.

  • Dollar bulls got punched in the mouth, with the dollar index falling to its lowest in three weeks.
  • Bond traders saw opportunity, as the Treasury yield curve steepened with investors buying shorter-dated bonds. Fed fund futures show the market is pricing in no more rate hikes this year and almost the same likelihood of a rate cut as a rate hike by December.
  • Stock traders were giddy. The Dow jumped more than 400 points (Dow 25K!!!) and the Nasdaq gained 2.17%.

What's next? Scott Minerd, global chief investment officer at Guggenheim Partners, said the Fed’s pause will allow excesses to continue to build and increase the risks of financial instability. But that's a good thing if you like to party.

  • "The Fed refilled the punch bowl and the party goes on," Minerd told Reuters. "Buy risk assets."

Go deeper: Jerome Powell's attempts to please everyone have backfired

Go deeper

The social media addiction bubble

Illustration: Annelise Capossela/Axios

Right now, everyone from Senate leaders to the makers of Netflix's popular "Social Dilemma" is promoting the idea that Facebook is addictive.

Yes, but: Human beings have raised fears about the addictive nature of every new media technology since the 18th century brought us the novel, yet the species has always seemed to recover its balance once the initial infatuation wears off.

Young people's next big COVID test

Illustration: Eniola Odetunde/Axios

Young, healthy people will be at the back of the line for coronavirus vaccines, and they'll have to maintain their sense of urgency as they wait their turn — otherwise, vaccinations won't be as effective in bringing the pandemic to a close.

The big picture: "It’s great young people are anticipating the vaccine," said Jewel Mullen, associate dean for health equity at the University of Texas. But the prospect of that enthusiasm waning is "a cause for concern," she said.

7 hours ago - World

New Zealand authorities charge 13 parties over deadly volcano eruption

Prime Minister Jacinda Ardern at New Zealand's parliament in Wellington. Photo: Mark Tantrum Photography via Getty Images

New Zealand authorities laid safety violation charges Monday against 10 organizations and three individuals over the fatal Whakaari/White Island volcanic disaster last December, per a statement from the agency WorksSafe.

Details: WorksSafe declined to name those charged as they may seek name suppression in court. But Prime Minister Jacinda Ardern said government agencies GNS Science, which monitors volcanic activity, and the National Emergency Management Agency were among those charged over the "horrific tragedy" that killed 22 people.