Mark Spindel breaks down the Fed's decision to hold interest rates steady, citing a "wait and see" approach that may soon give way to rate cuts. With 7 officials now forecasting no more cuts in 2025, up from 4 in the last meeting, Spindel believes the Fed is walking a fine line between managing inflation and supporting a softening labor market. Despite no mention of geopolitical risk, Spindel sees potential "banana skins" on the horizon, including a potential increase in the deficit and upward pressure on oil prices.