The Fed's Unexpected Pause Could Have Created More Breathing Room

S&P down 23 points, PacWest down 4% a similar kind of move in Western Alliance shares as we agreed heading into the close. Jeff Rosenberg: The Fed's perspective here is we haven't won the battle on inflation. Inflation is still well, way too high, 4.6% of core PCE. So they don't want to give the market any reason to ease the financial conditions tightening.