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Economists: The Federal Reserve's biggest concern is that the labor market becomes too weak
Peter Cardillo, chief market economist at Spartan Capital Securities, said he had originally expected the Federal Reserve to cut rates by 25 basis points, thinking the Federal Reserve would proceed gradually, but they were much "more generous" than he had imagined. The most surprising thing is that they have already indicated that they will further cut interest rates, and may cut another 50 basis points by the end of the year.
The Fed's move was dovish. I think their biggest concern is that the labor market is becoming too soft, and I think that's why they did it today. The initial reaction in the market was positive. But what we're seeing in the market right now could change in the coming days as investors start to worry about the economy.
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