🚨 FED PIVOT CONFIRMED – Oct 29, 2025

• Fed cuts 25 bps — 2nd rate cut this year

• Split views: Miran wanted -50 bps, Schmid wanted no cut

• QT ends Dec 1 → balance sheet stop = fresh liquidity incoming

• Fed admits inflation “moved up” but calls it “somewhat elevated”

• Notes rising downside risk to employment

🧩 Translation: Inflation not under control, but growth cracks forcing the Fed’s hand.

📊 Markets will read this as bullish for risk assets, especially if liquidity rotation kicks in.

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