Summary of #FOMC:
➺ Fed cut rates by 25 bps
➺ Fed will buy $40B in T-bills over the next 30 days
➺ Powell said the labor market is weak
➺ T-bill purchases to stay high for a few months
➺ Solid economic growth expected next year
➺ Rate cuts will be decided meeting by meeting
➺ Inflation still too high
➺ No one expects a rate hike
➺ Job gains were overstated
Overall tone: bullish for markets.