The Dow’s inability to rally on a rate hold suggests that markets did not interpret the Fed’s decision as risk-friendly. On the contrary, Powell’s cautious tone is being read as a signal of underlying economic fragility and a potentially delayed path to easing.

The Federal Reserve left interest rates unchanged as inflation cools. Fed Chair Jerome Powell is expected to speak at 2:30 p.m. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

U.S. stocks are holding nearly in place as Wall Street waits to hear where the Federal Reserve may be taking interest rates. The S&P 500 was little changed early Wednesday. The Dow Jones Industrial Average was also flat,