It wasn't just the market that was disappointed by Powell's lack of a QE or POMO announcement: so was the president.

Moments after Powell cut rates by 25bps, very much in line with Trump's expectations, and sparked a favorable initial kneejerk reaction, the market slumped when it realized that contrary to expectations, Powell failed to announce a POMO/QE Lite.

Apparently Trump figured it out too, because several weeks after Trump asked for the first time for "some QE", Powell failed to deliver, and this in turn sparked the furious president to lash out at Powell when he tweeted "Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator!"

Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator! — Donald J. Trump (@realDonaldTrump) September 18, 2019

At this rate we would venture to guess that Powell's job is only safe until the next 10% correction; at that point he may as well tender his resignation.

As for what happens next: all hail future Fed Chair Bullard - you will now be paid to take out your next mortgage!