"Gold Finance reports that Adam Button, Chief Currency Analyst at Forexlive, says Powell has been dovish throughout his tenure and he emphasized this today. It’s clear that Powell doesn’t want to get behind the curve in the easing cycle and decided to be proactive. He made it clear at Jackson Hole that he didn’t want to see further deterioration in the labor market and expects another 50 bps cut in November if there is further weakness in employment data. Until recently, the market believed in 'Dollar Exceptionalism', that the US economy would outperform and rates would remain higher than elsewhere. It’s now clear that the Fed will be easing as fast as, if not faster than, other G10 central banks. As such, the dollar has a lot of room to fall if the Fed continues on this path. Overall, this cut was a bold move and I think history will judge it as the right one. The bond market is suggesting that the fight against inflation has been won, with room to cut rates all the way down to 3% before the Fed has to pause and think."