Disagrees it was a hawkish cut. Highlights Powell's use of 'well-positioned' and dovish emphasis on overstated jobs data (60k monthly overstatement) making a 40k report effectively -20k.

Agrees the Fed is 'well-positioned' because the Fed funds rate (after 175bps of cuts) now aligns with the unchanged 2-year Treasury yield.

Notes the $40B balance sheet expansion (some call QE) on top of the cut gives hope of QE if needed.

Argues Fed rate cuts (175bps) have not helped housing because long-term interest rates have risen.

Observes the yield curve steepened after the cut (2s30s to ~123-124bps, high this year 130) and thinks long-term rates might actually rise further.