Additionally, the Fed ends the normalization of the balance sheet two months ahead of schedule.

Fed praises US economy, blames rest of the world for cutting:

"In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 2 to 2-1/4 percent"

But in a bit of a shock, in addition to Esther George, who was widely expected to dissent, Eric Rosengren also joined the hawkish #resistance, wanting to leave rates unchanged. His dissent is what is spooking markets, because as RSM's Joseph Brusuelas notes, "Ms. George and Mr. Rosengren took one for the team and expressed their dissent on the rate cut, which is surely one of the more controversial in memory. Two dissents is very rare indeed and reflects the not so gentle split on the committee."

Mission Accomplished Mr. Trump... but if stocks plunge here, expect Trump to slam Powell for not hiking rates 25bps.