October Federal Open Market Committee (FOMC) Decision: - The Fed cut interest rates by 25 basis points as expected. - Two members dissented. Schmid opposed the rate cut, while Miran wanted a 50 basis point cut. - The Fed will end quantitative tightening (QT) on December 1. Afterward, proceeds from the redemption of mortgage-backed securities (MBS) will be invested in short-term Treasury bills. - Although it used “current” data rather than “recent” data, the statement primarily adjusted the market outlook by market capitalization.