Economist: Fed's biggest concern is that the labor market is becoming too weak

Peter Cardillo, chief market economist at Spartan Capital Securities, said, "I had expected the Fed to cut interest rates by 25 basis points, thinking that the Fed would be gradual, but they were much more "generous" than I thought. The most surprising thing is that they have already said that they will cut interest rates further, and may cut interest rates by another 50 basis points before the end of the year. The Fed's move is dovish. I think their biggest concern is that the labor market has become too weak, and I think that's why they did it today. The initial market reaction was positive. But what we are seeing in the market now may change in the next few days as investors begin to worry about the economy. (Jinshi)