SUMMARY OF FED FOMC STATEMENT:

1. A divided Fed voted 10-2 to cut interest rates by 25bps to 4.00%, as expected.

2. Trump-picked Stephen Miran dissented in favor of a 50bps cut.

3. Kansas City Fed President Jeffrey Schmid dissented in favor of no rate change.

4. The Fed said it would end its QT program on Dec. 1.

5. The FOMC statement said job gains have slowed this year and uncertainty around the economic outlook remains elevated.

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