According to @garyblack00, the Fed cut short term rates by 25bp to a 3.5-3.75% target range, marking a third consecutive reduction (source: @garyblack00). According to @garyblack00, policymakers projected just one rate cut in 2026, pointing to a slower easing trajectory ahead (source: @garyblack00). According to @garyblack00, the decision passed 9-3, the most dissents since 2019, highlighting divisions over labor market weakness versus stubborn inflation risks (source: @garyblack00). According to @garyblack00, the FOMC statement reverted to phrasing on the extent and timing of additional adjustments, mirroring language used last December before a pause and suggesting greater uncertainty about the next move (source: @garyblack00). According to @garyblack00, officials authorized fresh purchases of short-term Treasuries starting next week to maintain ample reserves, characterized as QE light (source: @garyblack00). According to @garyblack00, Austan Goolsbee and Jeff Schmid preferred to hold rates, while Governor Stephen Miran dissented for a 50bp cut (source: @garyblack00). According to @garyblack00, this is not a hawkish cut given QE light, a liquidity signal that risk-asset traders, including crypto market participants, will weigh in positioning and sentiment (source: @garyblack00).