Wall Street’s so-called fear gauge was down Wednesday afternoon as traders digested the Federal Reserve’s policy decision. The Cboe Volatility Index was falling around 6% to 20.29, according to FactSet data,

The Wall Street Journal 's chief economics correspondent, Nick Timiraos, thinks there are good reasons to think the Federal Reserve would be preparing to cut interest rates this week due to recent improvements in inflation , if not for the risk tariffs pose to prices.