Fed Chair is all talk and no action... Negative view..

Former Chair Powell was extremely dovish, but he didn't seem to be submissive to Trump. On the other hand, the market seems to judge that current Chair Kevin, while speaking in an extremely firm and hawkish tone, is ultimately watching Trump's cues. If the Fed's credibility takes a hit, it seems it will be even more negative for stocks than during Powell's tenure.

There was little reaction when the statement came out at 2:00, and still little reaction when the press conference started at 2:30. But as he repeatedly evaded questions from three reporters asking "Why aren't you raising interest rates right now?", the market doubted the Fed's credibility, causing stocks to fall.

As the Fed conference ended, the likelihood of a September FOMC rate hike reportedly dipped slightly. It is interpreted that the probability went down because the market expects Kevin, who is reading Trump's cues, to raise rates in September at a slower pace than anticipated.

Unable to state openly that the reason he cannot raise interest rates right now is Trump and the midterm elections, he keeps beating around the bush, telling people to trust him and that he will raise them soon.

His tone is much more hawkish than Powell's... but he hasn't taken action yet, speaking as if he has already raised rates 10 times with just his words haha.

If the market judges that Kevin cannot curb inflation by raising rates quickly because he is watching Trump's reaction, stocks could fall even further.

Two or three people directly asked why he couldn't raise interest rates right now... but he ended the 45-minute conference while dodging the questions and talking around them.

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Of course, with a 9-to-3 vote, the majority favored a pause over a rate hike, so rates were held steady. But since the Fed cannot raise rates out of concern for Trump, the market is raising yields first to force the Fed to reluctantly follow. As the conference ended, the 10-year yield rose by 4 basis points, and the 30-year yield is rising by 10 basis points.