Daily Wrap – Less Hawkish Than Expected

A few points from today’s Fed/FOMC:  Reduced the federal funds rate by 25 basis points to 3.50% to 3.75%, as expected, in a 9 to 3 vote, with three dissents (two opposing a rate cut, and one wanting a -50 bps cut). September’s rate cut has 1 dissenting vote; October’s had two; today had three-…