Peter opens by describing the fevered expectations leading into the meeting and how rare a surprise move would be:

Well, today we had probably one of the most highly anticipated Fed rate announcements and press conferences as I can remember, because everybody has been waiting for the Fed to deliver the much hoped for rate cut. And you know there even was some hope out there that the Fed might go for a 50 basis point move. But it's rare that the Fed does that and it's rare that the Fed does something that is not expected. And it was widely expected. The odds were overwhelming 95% that we would get a quarter point cut.