Analysts at TD Securities expect the Fed to keep rates on hold in the near term, but to ease further in 2020 as economic growth continues to moderate.

• "Core PCE inflation remains below target and inflation expectations continue to hover below the historical levels associated with price stability.
• Headline inflation surprised to the upside at 0.4% m/m (0.356% unrounded) in October, lifting the annual rate to 1.8% y/y (TD and consensus: 1.7%). Stronger than expected food and energy prices at 0.2% and 2.7% m/m, respectively, boosted headline prices.
• We expect the Fed to keep rates on hold in the near term, but to ease further in 2020 as economic growth continues to moderate."