$DXY The Fed delivered a 25bps cut as widely expected—the rest of the decision, dots, and dissents skewed dovish. Labor market risks dominated the press conference, with emphasis on downside risks acting as a heavy anchor on the USD for the session. Highlights the continued Fed juxtaposition against G10 rate moves elsewhere that more openly entertain hikes (e.g., the RBA's direct acknowledgement of such). This overall tone and context underwhelmed "hawkish cut" expectations, and dollar weakness accelerated through the press conference.