Peter Cardillo, chief market economist at Spartan Capital Securities, said he had expected the Fed to gradually cut interest rates by 25 basis points, but the Fed's actions were much more "generous" than he had expected, especially since they had hinted at another 50 basis points before the end of the year. Cardillo believes the Fed's move is clearly dovish, mainly due to concerns that the labor market is too weak. Although the US stock market initially reacted positively to the news, Cardillo pointed out that market sentiment may change in the coming days, and investors may start to worry about the economic outlook.