FOMC Update

2:16 p.m. ET As expected: Fed cuts the FFR by -25bp  to 3.75%-4.00%. There were two dissents: Trump’s temporary pick, Miran, dissented for a -50bp cut, while the Fed’s Schmid dissented, preferring no rate cut at this meeting. As also suspected, the Fed will end balance sheet runoff, but gave the market advance notice. The…