The Fed cut rates by 25 basis points today as expected. The notes show officials were split on the need for more easing, and made comments about acting as appropriate to sustain expansion. As defined on the Federal Reserve website, the two goals of the Fed are maximum employment (jobs) and stable price for goods and services (inflation) that we purchase. Given that, the data discussed at this meeting concluded that job gains are solid, unemployment remained low, household spending is strong and inflation for goods and services are running below the 2% target. The Fed did add new language in it’s statement noting that U.S. exports have slightly weakened, underscoring the impact of the trade war on the central bank’s reading of the economy. The Fed will meet two more times this year on October 30th, and December 11th.