Chair Kevin Warsh described the economy as strong but not overheating, offering little guidance on December. He also announced plans to reduce policy meetings to seven in 2027 and six in 2028, potentially increasing the impact of each decision.

The US 10-year Treasury yield remained above 5%, while the Dollar Index hovered near 102.1 following the decision. Despite slightly softer language in the Fed’s statement, the two hawkish votes and persistent energy-driven inflation kept December hike expectations alive. With the November 3 midterms approaching, US PCE inflation data and upcoming ECB and BOJ decisions could provide further direction.

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