During Powell's Q & A, U.S. stocks rose sharply, U.S. bond yields and the dollar fell

May 2 - After the Federal Reserve announced that interest rates would remain unchanged and Powell answered questions, investors flocked to U.S. stocks and U.S. Treasury bonds, pushing yields lower. Powell maintained that the data had not yet convinced policymakers that inflation was falling to the Fed's 2 percent target, so a rate cut was unlikely at this time. He also gave no hint of the possibility of a rate hike. As he spoke, major U.S. stock indexes were up more than 1 percent and the communications services sector was up more than 2 percent. The 10-year Treasury yield fell to 4.583 percent from 4.653 percent before the rate announcement. The dollar, meanwhile, weakened, with the dollar index DXY as low as 105.70.