The Globe and Mail reports in its Friday, Sept. 20, edition that beyond the immediate headlines generated by the U.S. Fed's 50-basis-point interest-rate cut, it is policy-makers' revised outlook for the Fed funds rate's eventual destination, and how soon it takes to get there, that matters more. A Reuters dispatch to The Globe reports that the Fed indicated that it will transition from its restrictive policy stance a little sooner than previously suggested, and the eventual "neutral" level of policy will be slightly higher. Reuters says the Fed's message essentially implies a slightly faster and shallower easing cycle. The first part may indicate concern over the labour market or economy, but the second part suggests that officials have increasing confidence in the economy's resilience. Officials are aiming for more decisive and prompt action from a position of relative strength to protect the labour market and growth, with the hope of steering the economy away from recession. In summary, the Fed believes that a "soft landing" is still achievable. This may explain why bond yields rose and stocks eventually fell on Wednesday, as some of the more optimistic hopes for lower rates over the longer term faded.