Torsten Slok of Apollo, the asset manager, said in a note that the Fed might change course and not cut interest rates at all as data continue to show that the US economy remains relatively strong. "The Atlanta Fed's forecast for third-quarter GDP is currently 3.4 per cent, and the bottom line is that the economy will continue to expand," he said. Slok argued that the economy benefited from favorable factors, including a dovish Fed, the looming end of election uncertainty, and easing geopolitical risks. Taken together, Mr. Slok said the Fed was more likely to keep rates on hold in November than cut them.