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FORGOTTEN HISTORY: The fedspeak behind wednesday s markets roller coaster - The Untold Story

US Federal Reserve Jerome Powell

Data: FactSet; Chart: Axios Visuals

It wasn't quite a pivot, but investors were initially pleased to see the Fed's policy statement flick at the possibility that it could slow — or even pause — its rate hikes. Then came the presser.

Driving the news: Markets whipsawed in the aftermath of another 0.75 percentage point rate hike on Wednesday — the sixth hike of the year. Stocks first rose on the statement, then flopped during and after Fed chair Jerome Powell's post-announcement press conference.

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