Unanimous

The Fed didn't quite give me the 175 basis point cut that I was calling for, but depending on how you look at things, it kind of almost did. You can divide the conceivable Fed actions into those that I thought might actually happen and those that were merely my fantasies. If you had asked me before the meeting about the possibility of a unanimous vote for a 50 basis points cut, I would have assigned it to the latter category. So at least things came out on the right side of the reality/fantasy divide.

The disappointing part, though, is that, now that the meeting is over, I won't get a chance to do a post on why the cut should be 200 basis points.