Powell's briefing puts the follow-through in focus

The press conference often matters more than the decision itself because it is where the Fed explains what it is worried about most. With stocks already leaning upward and the VIX not especially high, small wording changes can still matter if they shift the expected pace of future easing or tightening.

If the chair sounds more worried about inflation, yields can climb and rate-sensitive stocks may lose some footing. That would tell traders the Fed is still leaning hard against hot prices.

If the tone sounds more comfortable with inflation cooling or growth slowing, the market may hear room for easier policy later. That would usually help the parts of the market that care most about lower rates.

If the message stays balanced, the market may not do much until the next batch of data arrives. In that case, the press conference matters less as a new signal and more as a check on the Fed's mood.

For banks, the tone of the chair can change expectations for future lending conditions and the shape of the yield curve. That can swing Financial Services even when the rate decision itself is unchanged.