As expected, the FOMC cut 25bp albeit with 8-2 vote. A bit surprisingly, the Fed also decided to end its balance sheet reduction. Most importantly, the Fed repeated in the statement that it ‘will act as appropriate to sustain the expansion’, which we interpret as an easing bias suggesting more cuts may come. However, it is also clear that Powell will not pre-commit to more cuts, which left markets disappointed and was slightly to the hawkish side. Hence we’re left with USD strength and we suggest selling some at market, but keeping in mind that we might rally towards the short-term resistance before falling further.