The Federal Reserve announced a 25 basis point cut to the federal funds rate, bringing it to 3.5%-3.75%, marking the third rate cut this year. While in line with market expectations of a "hawkish rate cut," the meeting saw the most significant internal divisions since 2014. Furthermore, the policy statement and Chairman Powell's remarks signaled a narrowing of future rate-cutting space. Gold surged nearly $60, while the dollar plummeted.