Largely as expected: 25 bp cut. Anything else would have been shocking. One dissent to do 50 bps. Since it was Miran (and he dissented last time) that is not surprising). One dissent to do nothing was slightly more interesting, but as we’ve argued, the market will discount hawks somewhat as the FOMC is likely to look a lot different early next year. The end of QT is coming. There were plenty of signals (i.e. potential glitches) in the front end of the bond market that everyone expected to come, and it is coming. Difficult, but not impossible, without BLS ... Quick Take on FOMC