No Surprises From Powell. No Major Movement in Rates

As expected, the Fed held rates steady today. The statement was moderately more hawkish in that it acknowledged progress on the labor market front and overall economy. To the very small extent that the statement was hawkish, Powell's press conference could be viewed as counterbalancing due to the non-threatening characterization of inflation and ongoing openness to additional easing if conditions justify it.  Bonds are heading out the door almost exactly in line with opening levels and there wasn't much movement in between.