Stocks and bond yields are higher ahead of today's historic first-non-economist-run FOMC meeting as anxious eyes were focused on how hawkish or dovish Powell's fully-priced-in rate-hike would be.

Headlines:

*FED RAISES RATES QUARTER POINT, SIGNALS TWO MORE HIKES IN 2018

*FED ESTIMATES SHOW STEEPER PATH FOR RATE INCREASES IN 2019-20

*FED SAYS `ECONOMIC OUTLOOK HAS STRENGTHENED IN RECENT MONTHS'

The Fed's language seemed to downgrade the economic outlook...

"economic activity has been rising at a moderate rate"

They replaced "solid rate" with "moderate rate"

And they shifted from "Gains in employment, household spending, and business fixed investment have been solid," to "Recent data suggest that growth rates of household spending and business fixed investment have moderated from their strong fourth-quarter readings."