FOMC Summary - Fed cuts rates by 25 bps - Second rate cut of 2025 - Once again, Stephen Miran, the Fed governor appointed by Trump, dissented in favour of a 50 bps cut - Fed governor Jeffrey Schmidt dissented in favour of no cut - Fed will end quantitative tightening (QT) on Dec 1st - Fed says inflation has moved up and remains "somewhat elevated" The dovish pivot continues. Markets turning risk-on, dollar is cooling off Looks like liquidity is back on the menu boys Press conference in 15 minutes, let's see what Powell has to say