FOMC cuts by 25 bps as expected Three dissents: Goolsbee and Schmid opposed the cut. Miran wanted a 50 bps cut. The SEP shows six officials of 19 didn’t favor a cut The median dot is unchanged for 2026 The Fed will start “reserve management purchases” this week, beginning at $40 billion per month in T-bills The statement changes:(Nick Timiraos)