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

As boycott grows, Facebook juggles rights groups and advertisers

Illustration: Aïda Amer/Axios

As an advertiser boycott of Facebook over its tolerance of hate speech continues to snowball, the company has begun making small, incremental changes to mollify activists while it tries to buy time to evolve its content policies.

Driving the news: Sources tell Axios that the product and policy changes sought by the #StopHateForProfit campaign were long under discussion both inside Facebook and with some external groups. Meanwhile, CEO Mark Zuckerberg has reportedly told employees that the boycotting advertisers will be back before long.

Replacing the nursing home

Illustration: Sarah Grillo/Axios

Nursing homes have been the epicenter of the coronavirus outbreak, prompting more urgent discussions about alternative housing situations for elderly Americans.

Why it matters: Deaths in nursing homes and residential care facilities account for 45% of COVID-19 related deaths, per the Foundation for Research on Equal Opportunity — but there are few other viable housing options for seniors.

3 hours ago - Health

How Joe Biden would tackle the coronavirus

Illustration: Aïda Amer/Axios

If Joe Biden wins in November, his coronavirus response would feature a no-expenses-spared federal approach to mitigating the virus and a beefed-up safety net for those suffering its economic consequences.

Why it matters: It’s nearly inevitable that the U.S. will still be dealing with the pandemic come January 2021, meaning voters in America will choose between two very different options for dealing with it.