Expects 25bp Fed cut; all action will be in dissents (range 2-5). Market selloff in bonds looked overdone; we were buying this morning.

We are entering new territory with more dissent, shifting from Greenspan-era unanimity.

Fed is analyzing data despite gaps; cutting to 3.625% is not yet sub-3%.

Decision not as bad as feared; Fed delivered hawkish tilt via statement language.

Administration and doves got what they wanted: a cut and positive market reaction.

Fed is well-positioned to wait after cutting 75bps since Sept; policy now in broad range of neutral.