The Fed cut rates as expected, by 25bps on Wednesday, but there now is a clear division within the Federal Open Market Committee (FOMC), and between its shaky consensus versus market expectations.
Aside from the key policy announcements, the meeting statement for December contained a few other subtle yet important changes.
Despite the dispersion of views on the FOMC, the median view on rates remains unchanged since September.
Although Powell may be replaced as Chair by a potentially dovish pick by President Trump, that Chair will be just one of 12 voters.
