Joseph Lavorgna, chief economist at SMBC Nikko Securities, wrote that recent inflation and labor cost data cast doubt on the wisdom of the Federal Reserve's rate cut today. He pointed to data released today showing that unit labor costs rose 3.4 percent in the four quarters to September, while core services inflation rose 4.4 percent year-over-year in the third quarter, well above the Fed's headline inflation target of 2 percent. "It makes us wonder why the Fed was so bold in cutting rates this month," Lavorgna wrote. "Wouldn't it be more prudent to wait and see how the labor market evolves in the wake of the hurricane and the Boeing workers' strike? What harm would it do to wait until next month's meeting for monetary policymakers to receive clearer data before cutting rates? "