The Federal Reserve's rate cut has arrived, by 25 basis points; the language is somewhat hawkish compared to expectations. The number of rate cuts next year is currently set at only once, and there's optimism about the U.S. economy next year, with a mention of initiating bond purchases to adjust the market.

The market reaction is modest and will not affect the subsequent trend, as it is within everyone's expectations. It is understandable to be somewhat hawkish in 2026, after all, there were still internal disagreements about this rate cut, and some weighing of options is normal.