Michael Green reacts to the FOMC lowering rates by 25-basis-points and the projected rate cut path. “The Fed had to cut in response to the weaker economic data,” he argues, noting the Fed previously downgraded its growth outlook. One of the key worries, though, is the top-end consumer, which is accounting for a greater and greater portion of spending. While that means aggregate numbers aren’t showing significant shifts, underneath consumer confidence and spending power is weakening for the majority. He also believes the Fed’s independence has already been compromised and says it’s hard to know if votes are by party affiliation or economic data.