The Federal Reserve's interest rate meeting at 3 AM saw a 25 basis point cut as expected, but this was within market expectations. The biggest positive factor wasn't the rate cut itself, but rather Powell's statement that further rate hikes were not an option for the Fed, and that a high level of bond purchases would commence. On the one hand, we don't need to worry about the worst-case scenario; on the other hand, bond purchases will significantly alleviate the market's liquidity crunch.