Powell could be using this press conference as an opportunity to push back against the market's takeaway from his late November speech.  In that speech, he grew more downbeat on longer-term outlooks for growth and inflation.  Powell is talking like a guy who is by no means ready to tell you that the US economy HASN'T turned a corner for the worse.

Bonds are eating it up.  Stocks are sad because the Fed isn't throwing the market any bones (i.e. no change in balance sheet run-off plans, no plans to modulated anything other than the Fed Funds Rate, no silver linings for his late November speech).

10yr yields are at 6 month lows, down 4bps to 2.782%.  Fannie 4.0 MBS are lagging, but also stronger (up an eighth at 101-19 or 101.59).