Fed Cuts Rates For First Time Since 2008. George, Rosengren Dissent

With the world - and Donald Trump - watching, the Fed cut rates on Wednesday for the first time in more than a decade. The 25bp cut was widely expected by markets and will be a disappointment to those looking for more at the July meeting. Morgan Stanley, for instance, had penciled in 50bp as their base case. More importantly, the man in the Oval Office will almost assuredly see the move as inadequate. Earlier this week, Trump indicated that a small rate cut is "not enough" to restore America's