SUMMARY OF TODAY'S FOMC MEETING:
➺ Fed cut rates by 25 bps.
➺ Fed to buy $40B in T-bills over the next 30 days from 12th December.
➺ Powell said labor market is weak.
➺ Powell said T-bills purchases will remain elevated for few months
➺ Powell said solid economy growth is expected next year.
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➺ Powell said rate cut decisions will be made on meeting to meeting basis.
➺ Powell said everyone agrees that inflation is too high.
➺ Powell said a rate hike isn't anyone's base case.
➺ Powell said job gains were overstated.
Overall, today's meeting is bullish for markets.
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