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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

The COVID-19 learning cliff

Illustration: Aïda Amer/Axios

Perhaps the most jarring reality of the COVID-19 pandemic for families has been the sudden and dramatic disruption to all levels of education, which is expected to have deep social and economic repercussions for years — if not decades — to come.

Why it matters: As millions of students are about to start the school year virtually, at least in part, experts fear students may fall off an educational cliff — missing key academic milestones, falling behind grade level and in some cases dropping out of the educational system altogether.

Postal slowdown threatens election breakdown

In 24 hours, signs of a pre-election postal slowdown have moved from the shadows to the spotlight, with evidence emerging all over the country that this isn't a just a potential threat, but is happening before our eyes.

Why it matters: If you're the Trump administration, and you're in charge of the federal government, remember that a Pew poll published in April found the Postal Service was viewed favorably by 91% of Americans.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 21,280,608 — Total deaths: 767,422— Total recoveries: 13,290,879Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 5,335,398 — Total deaths: 168,903 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes — Patients grow more open with their health data during pandemic.
  4. States: New York to reopen gyms, bowling alleys, museums.
  5. Podcasts: The rise of learning podsSpecial ed under pressure — Not enough laptops — The loss of learning.