Major U.S. stock indices took a hit today as the Street held its collective breath ahead of the Federal Reserve's policy announcement dropping in 48 hours. The Treasury market told its own story—yields climbed as bond traders repositioned, pricing in whatever Powell might throw at them.

The mood? Cautious doesn't quite capture it. Investors are essentially paralyzed, unwilling to make bold moves until they hear the Fed's verdict on rates and their inflation outlook. Every tick in yields reflects someone's bet on how hawkish or dovish the central bank will sound.

This waiting game is classic pre-FOMC behavior—volume thins out, volatility spikes on tiny catalysts, and everyone's glued to their screens parsing every Fed governor's recent speech for clues. The stakes feel higher this cycle given how stubbornly inflation has lingered and how divided economists remain on the appropriate path forward.