The US FOMC cut rates aggressively by 50bps to start the easing cycle. The FOMC are forecasting further 50bps more rate cut in 2024 but the language was nuanced and less dovish. One member voted against 50bps rate cut, which has been rare in recent times. The Fed statement talked of “further adjustments” to policy rate and further gave positive outlook on growth whilst noting that inflation is near 2% target but remains elevated. The Fed is likely to continue to monitor the labour markets for further actions. Markets were not enthused by the overall policy outcome, which may have been perceived less dovish, and US yields were higher than the lows seen in recent week. Going forward, incoming data is likely to dictate further rate actions.