Overview

• The Fed cut its benchmark rate by 25 basis points last week to 4.00%–4.25%, the first reduction in nine months.
• Powell said there is no preset course for policy and highlighted high uncertainty around the inflation path.
• Bitcoin dropped below $113,000 following his remarks, and spot Bitcoin ETFs logged about $363 million in net outflows on Sep. 23 with Ether ETFs down roughly $76 million.
• Officials outlined diverging views on further easing, with Michelle Bowman and Stephen Miran pointing to labor softness while Raphael Bostic and Alberto Musalem pushed back on more cuts.
• Powell described tariff‑related price effects as a likely one‑time level shift that could unfold over several quarters.