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The key message from the Fed minutes is that the 25 basis-point cut in July was just a calibration, a mid cycle adjustment and not the start of a new easing cycle.

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    Quiz

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    Who said, "When a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully."?
    A Queen Elizabeth II
    B Samuel Johnson
    C John Wayne in "The Searchers"
    D Roy Rogers