We got the cut everyone was anticipating. 2 dissented in favor of no cut, one dissented in favor of a 50 bp cut. The person who I would argue is most plugged into the admin wanted 50. I’d pay attention. The “dots” moved a smidge, but not enough to do much to market expectations. Powell, during the presser, argued that risk is balanced and that we are in “neutralish” policy (my word, not his). There is an argument making its way through the markets that Reserve Management is a form of QE. Our front-end traders disagree, and point out this ... Quick Take on the FOMC