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Why didn't stock prices rise today? Why didn't the 10-year US Treasury bond yield fall below 4.00%? Why did the price of gold slip? The financial markets had clearly already fully discounted today's 25-basis-point cut in the federal funds rate.
In addition, the FOMC's Dot Plot wasn't as dovish as some market participants might have expected. Seven of 19 meeting participants expected no further rate reductions this year, and two more expected only one more cut. And they show that most Fed officials don't expect to make many more reductions next year under their current outlook for solid—if somewhat slower— economic activity.
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