“A single surprising comment in the post-meeting press conference can move markets more than the rate decision itself. The Fed only closely controls short-term rates, but what really matters for mortgages, car loans, and markets are longer-term rates, and those rates are sensitive to expectations of future monetary policy,” Paye says. “That’s why investors need to read between the lines. Investors will need to not just follow the rate move itself, but the Fed’s language about the path ahead. “The Fed’s communications about future policy are important because they provide signals that influence longer-term rates.