It's moderately hawkish but the important part is it is far less hawkish than it might have been. That counts as a dovish surprise. The signal from resuming bond purchases is that the world is going to be made very safe again for taking risk.

It's an assurance that the Fed will act as a backstop providing liquidity at the short end. They're seeing a better growth outlook. They're worried about the labor market. They see a stronger economy in 2026 and are ready to pull the trigger on fresh rate cuts if the economy falters. Inflation concerns are on the back burner. That adds up to a more dovish approach that will encourage risk-taking.

President Trump will be naming a chairman. He will be putting a lot of pressure on the FOMC. Unless inflation really re-accelerates, you're going to have a bias towards that second cut. Markets are saying we expect a second cut, and if we don't get it it will probably be because growth will be good enough that it will not be needed.

Oracle is reviving concerns that the extremes in AI spending are not going to be justified by the returns. But Asia should have a mostly positive day because the clearest move across markets overnight was a weaker U.S. dollar. That should cast a rosy glow on Asian markets.