Eugene Epstein, head of trading and structured products at Monecorp in New Jersey, said: "The Fed rate decision was interesting. Not only did three members disagree, but there was a split among the dissenters: two voted for no rate cut and Stephen Milan voted for a 50 basis point cut. I don't think that in itself had a material impact on the market because everyone saw this as a'hawkish rate cut '. Everyone expected some disagreement."