Fed's Press Conference: Now Its Own Policy Event

At 2 p.m. on Wednesday, the Federal Reserve released its policy statement and updated projections. The Dow Jones Industrial Average, sitting at 46,517, barely moved, up just 27 points by the time Powell stepped to the podium at 2:30.

By the time the press conference ended, the index had fallen 215 points. By the close it was down 319 points from when Powell began speaking.