As of 9:15 AM IST, Thursday 29 October 2026. Asian market figures are intraday, from a Reuters report published at about 8:20 AM IST, and will change before the close.
The US Federal Reserve held interest rates steady on Wednesday, keeping its benchmark federal funds rate in a range of 3.75% to 4%, but two policymakers voted for a hike. Wall Street edged higher after the decision, with the S&P 500, Nasdaq and Dow all posting a third straight gain. In Asia on Thursday, markets were mixed: Alphabet's sharp after-hours fall weighed on tech sentiment, and South Korea's Kospi dropped as Samsung shares fell despite record profits.
The Fed holds, with two dissents
The Federal Open Market Committee voted 10 to 2 to keep rates unchanged. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, both preferring a quarter-point increase. According to CNBC, it was Cook's first dissent. The Fed raised rates by a quarter point in September, its first hike since 2023.
The statement said "inflation remains elevated" and that "the accumulation of more information" would help the committee decide its next step. It upgraded its view of the economy, saying activity "is expanding at a strong pace".
At his press conference, Chairman Kevin Warsh said the third quarter "appears to have brought an even more rapid advance" in growth, led by consumer spending "likely running above 3 percent". He also announced a change to the meeting schedule: in 2027, one of the eight annual meetings will focus only on broad policy strategy, with no rate vote or policy statement expected. In 2028, two meetings will be devoted to strategy.
Wall Street close, 28 October
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,743.98 | +0.28% |
| Nasdaq Composite | 26,549.85 | +0.27% |
| Dow Jones | 52,475.10 | +97.53 pts (+0.19%) |
Closing figures are from CNBC. After the close, Alphabet fell about 10% in extended trading after missing forecasts and reporting negative free cash flow, while Microsoft rose after beating estimates. Nasdaq futures were about 1% lower in Asian hours.
Asia on Thursday morning
According to a Reuters report carried by Free Malaysia Today:
- Kospi (South Korea): down about 2.6%, after a nearly 7% surge on Wednesday, as Samsung shares slid more than 4%.
- Nikkei (Japan): up about 0.3%, having trimmed earlier gains.
- Hang Seng (Hong Kong): up about 0.2%.
- China blue chips: down about 0.9%.
- MSCI Asia-Pacific ex-Japan: down about 0.7%.
Bonds, oil and other central banks
- Treasuries: the 2-year yield was about 4.69% in Asian trading.
- Rate expectations: markets were still about 80% priced for a December hike, Reuters said.
- Oil: Brent crude fell 0.4% to $114.91 a barrel after a Wall Street Journal report that US Vice President JD Vance had written to Iran's Mohsen Rezaei in an effort to revive peace talks.
- Bank of Canada: raised rates on Wednesday for the first time in more than three years.
- European Central Bank: expected to hold rates later on Thursday.
What to watch
Amazon and Intel report later on Thursday, US time, and the September Personal Consumption Expenditures (PCE) inflation data, the Fed's preferred gauge, are next on the calendar.
Disclaimer: This article is for information only and is not investment advice or a recommendation to buy, sell or hold any security. HorizonDesk is not registered with SEBI as an investment adviser or research analyst. Please consult a SEBI-registered professional before making investment decisions.
Related reading on HorizonDesk
- Wall Street closes higher, Kospi soars before the Fed
- US Treasury yields, mortgage rates and the Fed
- Gold and silver prices: October 2026 outlook
Sources
- Federal Reserve: FOMC statement, 28 October 2026
- Federal Reserve: Chairman Warsh's press conference transcript
- CNBC: Fed holds rates steady
- Reuters via Investing.com: Fed leaves rates unchanged
- CNBC: stock market news for 28 October
- Reuters via Free Malaysia Today: Asian shares fall after Alphabet earnings miss
