Pretty dull. Seems like the main “excitement” was when Powell was asked if he could get fired or would step down. An unequivocal NO was the answer (but that was not an issue I’ve spent any time worrying about). The market is pricing in about a 70% chance of a cut in December, and just over 1 cut by the end of January. Seems reasonable, though I’m leaning towards a December pause, but I don’t think that is a big deal at the margin. They continue to put off any decision on balance sheet reduction, which doesn’t seem to faze ... A Not Surprisingly, Anticlimactic Fed Meeting