According to online reports, Penson macro analyst Samuel Toms said in a report that the Fed is "stalling" until the fiscal outlook becomes clearer. He said the Fed cut interest rates by 25 basis points as expected, and the statement was almost a "replica" of its September statement. Still, Toms said Fed officials will have to make a provisional assessment of the outlook for the new fiscal policy next month, when they release a summary of quarterly economic forecasts. Penson Macroeconomics expects that the Federal Reserve will cut interest rates by a further 25 basis points in December and hints at a further 100 basis points in 2025.