Breaking news, Fed Chair J. Powell following the committee's decision to cut interest rates by 25 basis points,

while signaling a higher bar for the next cut, what you might call the hawkish cut, most we're expecting today.

Chair Powell saying the Fed is, quote, well positioned to wait to see how the economy evolves.

Maybe, though, the biggest news of all today regarding the balance sheet.

The Fed will buy short-term

treasury sooner than we thought as well the chair says to manage reserves you can call it

q e light call it whatever you want stocks jumping on that news you take a look at the dow up more than

one percent right now in fact the s&p in fact, set a new closing high today.

We had three dissents for the first time since 2019.

It does point to the divided Fed that we've all been talking about.

Welcome to closing bell.

I'm Scott Wapner.

We're at Post 9.

Let's continue the conversation now with our Fed Day tradition.

Double lines.

Jeffrey Gunlock is with us exclusively.

It's good to see you.

This may sound so strange to ask it like this,

but did we just have a hawkish cut inside of a dovish meeting?

Did we just get that?

I don't feel like that was a hawkish cut.

I thought that it was interesting that he used the word well position.

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