It is going to be all about the bond market today
10-year Treasury yields are up slightly to 1.64% currently - the highest it has been in 13 months. There isn't much going on as this is more reflective of some light positioning going into the FOMC meeting decision later in the day.
As much as the Fed wants to walk a tightrope and keep a more dovish tone while not sounding too controlling over recent developments in the bond market, the lack of pushback (once confirmed) is arguably going to be the key takeaway for investors.
There will be increased scrutiny on the dot plots and a reaction to the SLR decision but Powell's language and communication today will also receive extra attention by the market.
If he continues to portray a relaxed figure as he did at the start of the month, I don't see Treasuries finding much comfort moving forward and that will take the dollar higher alongside yields - while equities may come under pressure if the tech rout gets ugly.