US equities were lower in Wednesday trading as stocks ended near worst levels following the FOMC decision, with the Dow Jones, S&P500, and Nasdaq closing down 258bps, 295bps, and 356bps respectively. Today’s Hawkish Fed rate cut was an overhang as the Fed cut rates by 25 bp, as expected, but guidance language in its statement was tweaked in a hawkish direction and SEP median dot for both 2025 and 2026 up 50 bp and long-run dot up 10 bp to 3.00%. November housing starts missed consensus, but building permits came in ahead.