Microsoft · Wall Street · Federal Reserve (FED) · Kevin Warsh · Crypto Briefing
Wall Street moves past the Fed pause and back to tech earnings and AI
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The Fed held rates at 3.75% to 4% with two hawkish dissents, and traders turned straight to earnings season and a revived AI trade.
Key facts
- On October 28, 2026, the Federal Open Market Committee voted 10-2 to keep the federal funds rate in a range of 3.75% to 4%
- The Fed held rates at 3.75% to 4% with two hawkish dissents, and traders turned straight to earnings season and a revived AI trade
- A rate held at 3.75% to 4% is not cheap money, so equity valuations depend heavily on profit growth rather than falling borrowing costs
- The AI rebound is being driven by a relatively narrow set of catalysts: hyperscaler spending, chip supplier financing, and a high-profile IPO filing
Summary
On October 28, 2026, the Federal Open Market Committee voted 10-2 to keep the federal funds rate in a range of 3.75% to 4%. The dissents are where things got interesting. So the disagreement inside the room was not about when to cut. Chairman Kevin Warsh struck a balanced tone at his post-meeting press conference.