In our preview we said that the Fed would cut 25bps and end QT... and that's precisely what happened.

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First, a quick preview of how we got here: 

Since the last FOMC meeting (on Sept 17th), Gold has dramatically outperformed across asset-classes (even with its recent plunge) followed by US equities. Oil prices have tumbled the most while the dollar and bonds have risen in value. Bitcoin is basically unchanged since the last FOMC meeting, having collapsed after reaching record highs intramonth...

The market has grown more dovish since the last Fed meeting, now fully pricing in a 25bps cut today (and is almost certain that December will see another 25bps cut)...

More notably, rate-cut expectations have barely changed since the last FOMC with 46bps of cuts priced in for 2025 and 69bps more priced in for 2026...