NYSE Trader's Instant Reaction to the Fed Decision

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Happy Fed day. 

The Federal Reserve decided to leave interest rates unchanged.

The move, which came as no surprise to many investors, was released Wednesday afternoon.

Matthew Cheslock, a trader at Virtu Financial, weighed in on the Fed's decision and how he thinks it will impact markets. 

"We expected the dovish talk," he said. "We got it. We got the bonus [Tuesday] from the ECB as well."

And, with most Fed members agreeing that at least one rate cut is necessary in 2019 and more may be needed in 2020, the market is focusing heavily on expectations.

"It's all about expectations in the market," said Cheslock. "That's why we're trading at all-time highs."

"The market is anticipating" a July rate cut, he added. 

The Fed said that it is seeing "economic activity rising at a moderate rate."

When asked whether or not he agreed with that, Cheslock replied, "I mean, the last beige book that we saw said" about the same thing. No one is really worried. 

However, Cheslock noted that the big unknown right now is trade ahead of President Trump and President Xi's meeting at the G20 summit in late June. 

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