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Cut and done?

Good afternoon. Here's what you need to know to end your day.

The Fed slashed interest rates for the third time this year, but signaled policy may stay on hold for the time being. The FOMC dropped its pledge to "act as appropriate to sustain the expansion," while adding a promise to monitor data as officials assess their next move. Two members voted against the 25 basis point cut, preferring no change. Traders trimmed bets of more easing this year.