First, a 25bp cut... - Only two lawmakers disagreed on a freeze or a 50bp cut. - The QT will end on December 1st, meaning the reduction in asset holdings will be halted. + The remaining MBS maturing will be reinvested in government bonds (not QE, just a portfolio restructuring!) - Slowing growth in the first half of the year is acknowledged. - Inflation has been strengthened to "rise from the beginning of the year." - Employment risks have been mentioned as "increasing in recent months." The key takeaways this time are: - Confirmed end of QT + 25bp cut + further rate cuts open + reinforced mention of economic slowdown. - The first official signal of a "gradual easing transition." That seems fine, but can I just relax? Please.