Jefferies: The Federal Reserve took action early, but the market reaction was milder

Brad Bechtel, global head of FX at Jefferies, said market expectations were almost 50/50 ahead of the Fed's interest rate decision. So the Fed has clearly surprised half the market. The Fed is trying to get ahead of a slowdown in the US economy and provide support. But so far, the market reaction has not been too crazy, and a lot of it has been priced in.