The Fed decided to have a “good, strong start” to the easing cycle by cutting rates by 50 basis points (bps) and indicating a total 100 bps reduction by year-end. The move was almost unanimous, with only Governor Bowman opting for a 25 bps cut. Among the many changes to the press release, two stood out: increased confidence in disinflation and the recognition that risks to price stability and unemployment are roughly balanced.