As expected, the Federal Reserve cut interest rates by 25 basis points, bringing the benchmark rate down to the 3.75%-4.00% range, and announced that it will end its balance sheet reduction on December 1st. However, Powell explicitly stated that a December rate cut is "far from a done deal," causing the probability of a December rate cut to plummet from 95% to around 65%, and gold and Bitcoin also experienced a sharp drop. But don't worry, Trump will intervene!