Today's Fed Meeting Summary:

🔸Federal Reserve Chairman Powell: The 50 basis point rate cut reflects growing confidence that appropriate policy adjustments can maintain a strong labor market and inflation targets.

🔹Short-term interest rate futures traders believe the Fed is more likely to cut rates by 25 basis points in November than by 50 basis points.

🔹Fed Chairman Powell: The Fed is in no rush to cut rates quickly, will make decisions based on data.