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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 DC."

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

Biden says $1,400 stimulus payments can start going out this month

Photo: Samuel Corum/Getty Images

President Biden said Saturday that the Senate passage of his $1.9 trillion COVID relief package means the $1,400 direct payments for most Americans can begin going out later this month.

Driving the news: The Senate voted 50-49 Saturday to approve the sweeping legislation. The House is expected to pass the Senate's version of the bill next week before it heads to Biden's desk for his signature.

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The pandemic has thrust a relatively unknown ailment, anosmia — or smell loss — into the international spotlight.

Why it matters: Researchers hope smell testing becomes as standard as the annual flu shot, helping to detect early signs of neurodegenerative diseases like Alzheimer’s and Parkinson’s.