in the Treasury market, but also saw an almost immediate retracement as economists continued to debate whether the 11th rate cut might be the last. The FOMC eased the Fed funds target by 25 basis points to 1.75% and kept in place an easing bias in a statement issued at 2:14 p.m. In summarizing the market's dilemma, which produced considerable price volatility as the debate raged, economist David Greenlaw of Morgan Stanley said, "Clearly, the Fed is not yet ready to close the door on further easing but, at the same time, they wanted to show some sensitivity to the recent improvement in a few of the economic indicators." On a 3PM to 3PM basis, Treasury yields fell across the curve with the front end outperforming.