The market opened under the gun, but it has slowly been clawing back early losses as we head into the conclusion of FOMC gathering.

I suspect Powell & Co will not act, but they will be under the gun to explain how the Fed will keep accommodations coming.  To be sure it would put the creativity of the Fed on canvass, it might look like a Basquiat. They will have to sell the notion that they have a better plan than going negative. No matter how well the upcoming economy could be, there will be dangerous pitfalls that must be smoothed out. 

Meanwhile, Mnuchin testified to Congress there will be more help for small businesses, and that’s great news.

I’ve always said the two hours of post-Fed trading is driven purely by emotions, and there is a chance people want too much.   There is a crowd champing at the bit that would be satisfied and another group of purists (mostly not in the market anyway) that will rail no matter the outcome.