The Fed delivered an expected 25bps cut but signaled a relatively hawkish stance: only one official (S. Miran) backed a 50bps reduction, and the new dot plot sees rates near 3.4% at end‑2026 (markets price ~3%). Powell said policy will be decided meeting‑to‑meeting, downplayed QT’s macro impact, and faced questions on Fed independence after Miran’s proposal for a third mandate was rejected. #Fed #USD #FiatNews