The Fed cut rates by 25 basis points, officially ending this phase of the hiking cycle. The importance of the move lies in its message about the future path of rates. Given that the markets have been pricing a reversal for a long time, this is not too surprising.
I had been planning on publishing another piece tonight, but other work intruded at the last minute. Rather than rushing something out, I will probably do a data retrospective in the next few days, probably on the weekend.