The Federal Reserve announced a small cut yesterday. Normally, that heartens markets. But we are not in normal times, and somewhat measured comments about the coming year seemed to have spooked traders. Today on the show, Rob Armstrong and Aiden Reiter try to figure out what happened, and why. Also we go long holiday wish lists and short gift cards.

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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com

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Rate drop, market drop 19:36 Share

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Rate drop, market drop