FOMC: End of balance sheet runoff, another rate cut... but no commitment on the next one

The Fed eased its monetary policy, with two expected announcements: the end of the central bank's balance sheet reduction process from 1^st December; and a second straight cut (-25 bp) in the Fed Funds target, without unanimity, bringing it to +3.75% - +4.0%, due to downside risks in the labour market. We anticipate a further 25bp cut in December, driven by the Fed's bias towards employment and downward revisions to our inflation forecasts for the coming quarters.