25bp; 1 Dissent (Miran); Knee-Jerk

The fed cut by 25bp as expected. There was one dissent (Miran) for a 50bp cut. The Dot-Plot: 9 of 19 see 2 more cuts 2 of 19 see 1 more cut 6 of 19 see no more cuts 1 sees 1 rate hike 1 sees 5 cuts (obviously Stephen Miran) The median is in…