[MARKET UPDATE]: Markets chop to FOMC and Axios report

The knee-jerk reaction to the Fed rate decision was dovish, with equities, T-notes and gold rising, while the Dollar was briefly sold. However, the moves were immediately pared. To recap, the Fed held as expected, but Cook and Hammack dissented in favour of a 25bps hike. The statement added a line to emphasise its data-dependent approach, stating that accumulating more information will help determine the appropriate policy stance. It also upgraded its description of growth to "strong" from "solid". Meanwhile, Axios reported that Iran is being pressed to make nuclear concessions as massive post-midterm strikes loom, according to sources. Mediators are warning Iran that accepting the proposals may be its only way to avert major attacks after the midterms, according to a regional source and a US official. The Axios report led to upside in energy prices and weighed on equities, T-notes and gold, while the Dollar climbed.