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 uh it was interesting that he used the word well positioned. You opened your remark with that. Wellpositioned is the phrase of this meeting.And he went on to basically repeat well position when he was asked, "Are you really on hold now?" And one of the most interesting things was he emphasized this idea that I've that's ...

Monetary Policy - Morocco left interest rates unchanged for a second quarter [1] - The decision reflects a cautious approach, remaining on guard for inflationary risks [1] Geopolitical Risk - Tensions in the broader Middle East are a key factor influencing monetary policy decisions [1]

Monetary Policy Stance - The Fed decided to preserve flexibility amidst risks of both economic downturn and inflationary pressures from tariffs and economic strength [1] - The Fed's prudent action was to avoid excessive moves that could sacrifice credibility, as reversing such errors would be difficult [4] - A prior rate cut of 50 basis points led to a 75 basis point increase in the ten-year rate, impacting mortgage rates [2] - The market will reflect substantial economic weakness in rates, reducing the urgent need for rate cuts [8] Interest Rate Debate - There is debate regarding whether to have a 25 basis point rate cut in July, or two or three rate cuts this year [4] - The industry questions the merit of cutting rates to the 1% range, deeming it a dangerous idea given the current market and economic strength [4] - Dissenters within the Fed, appointed by different individuals, may see underlying economic weakness requiring preemptive action [6][7] Economic Outlook - The economy faces risks of a downturn, but if such an error is made, it is easily correctable [1][3] - Sacrificing credibility by moving excessively would be a much more damaging and difficult to reverse error [4]