1. The central bank cut the policy rate by 50 basis points (bps) and reduced its forward rate projections. 2. The new median projection indicates the policy rate will end 2025 in the range of 3.25%–3.5%, 150 bps lower than the current range. 3. The Fed's actions suggest a shift in the balance of risks around inflation and employment, justifying a faster adjustment towards neutral than previously thought.