Key takeaways from the FOMC meeting: The Federal Reserve implemented a hawkish rate cut and hinted at pausing further cuts, maintaining its rate outlook unchanged, with one more rate cut expected in 2026. Starting December 12, the Fed will purchase $40 billion in Treasury bills with maturities of up to three years, emphasizing that these are reserve management operations, not quantitative easing. Powell's press conference: Powell's stance was more dovish than expected. He stated that the 75 basis points of easing since September have brought monetary policy to a neutral state, allowing the Fed to wait for new data. He called this decision "hard-earned" and noted that the labor market is gradually cooling. Powell added that key data will be released before January, and the impact of artificial intelligence has yet to show in labor market indicators. Nonfarm payroll growth may have been overestimated by about 60,000 (which means employment growth has been slightly negative since April). He highlighted downside risks in the labor market, tariffs as the main driver of inflation overshooting, and that the scale of Treasury bill purchases may remain elevated in the coming months.