The Fed's rate cut is here, 25 basis points; as expected, the speech leaned hawkish. Only one rate cut is planned for next year for now, and they’re optimistic about the U.S. economy next year. They also mentioned starting bond purchases to adjust the market. The market reaction is mild and won’t affect the upcoming trend since it’s all within expectations. The hawkish stance toward 2026 is understandable—after all, there was internal opposition to this rate cut, so some balancing is normal.