The Fed statement was essentially unchanged. The FOMC did dial back jobs growth language, noting that "the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up."
Six Fed officials now expect only one rate hike this year. The futures, meanwhile, are only pricing in an 8 percent chance of a July rate hike.
The dollar dropped, gold rallied modestly and bond yields dropped. The S&P is unchanged. Bank stocks, sensitive to interest rates, dropped one percent from their highs, but recovered half of those losses fairly quickly. Most bank stocks remain up on the day.