Yesterday, the Fed announced that it was cutting rates one more time, in response to continued economic weakness. That decision was the treat. Markets responded accordingly, with stock markets rising. The trick, however, was in the implication—of the statement and the press conference—that this would be the last cut unless the economy deteriorated further. The implied probability of a December rate cut dropped to 22 percent, the dollar index dropped, and the rate on the 10-year Treasury declined. The Fed giveth and the Fed taketh away.