The Federal Reserve Open Market Committee cut the fed funds policy target range by 25bps as widely expected and priced. Rates rallied at first upon seeing the dot plot of the Committee’s future rate moves, but then quickly sold off on a combination of rethinking the projections and in response to remarks during the press conference. Overall, the effect was largely a wash on the dollar, the overall term structure of rates, and the S&P500. Not rocking the boat on the first resumption of rate cuts since last December was probably exactly what Chair Powell was hoping for. Please see the accompanying statement ... (full story)