Samuel Toms, an analyst at Panson Macro, said in a note that the Fed is "stalling" until the fiscal outlook is clearer. He said the Fed cut interest rates by 25 basis points, as expected, and the statement was almost a "copy" of what it said in September. Still, Toms said Fed officials will have to make an interim assessment of the outlook for new fiscal policy next month, when they release a summary of their quarterly economic forecasts. Panson Macro expects the Fed to cut rates by a further 25 basis points in December and hinted at a further 100 basis points in 2025.