Well, a hawkish, maybe even a very hawkish cut: Inflation is uncomfortably high. The job market doesn’t need immediate help. The dot plot “expected” yields at year-end and the terminal rate all moved up (I continue to think that the terminal rate will continue to edge higher). Kept pointing to the economy as a sign that they are apparently not being too restrictive. Powell was offered the “out” that the Fed’s tone is based on expected impacts of tariffs or other future policies. He shot that down, over and over. This is a Fed that is worried that inflation isn’t ... A Tough Powell Who Didn’t Take the Bait