The start of the post-announcement press conference sparks a second, distinct wave of market volatility.

The drama does not end with the written statement. Exactly thirty minutes later, at 2:30 PM, the Federal Reserve Chair steps up to the microphone. This live press conference triggers a second, distinct wave of market volatility. As the Chair explains the decision and answers unscripted questions, traders look for subtle clues about future policy. This verbal exchange often causes even larger price swings than the initial written announcement.