Peter Cardilo, Chief Market Economist at Sparta Capital Securities, said, "I had expected a 25 basis point rate cut from the Fed. I thought they would be gradual, but they were much more 'generous' than I anticipated. The biggest surprise was that they already indicated further rate cuts, potentially 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 is becoming too weak, and I believe that's why they did this today. The market's initial reaction was positive. But what we're seeing in the market now could change in the coming days, as investors start to worry about the economy." (Gold Ten)