Fed Holds Rates at 3.75%–4.00% in a 10–2 Vote: How QQQ, SPY and Bitcoin Reacted
The Fed holds rates at 3.75% - 4.00% in a 10-2 vote. Explore the dissenting votes, inflation outlook and implications for markets.
The Federal Reserve maintained its target range for the federal funds rate at 3.75% to 4.00% on October 28, 2026, in a 10-2 vote. Governor Lisa Cook and Cleveland Fed President Beth Hammack were the two dissenting officials who favored another quarter-point increase. Markets anticipate a December hike with an 85.0% chance, up from 78.3% the previous day.
The S&P 500 and Nasdaq Composite both rose by 0.28% and 0.27%, respectively. Microsoft and Alphabet reported earnings after the market closed, causing significant moves in QQQ and SPY contracts on MEXC. Growth was upgraded to a "strong pace," and the Fed stated they would wait for more information before deciding their next move.
Chair Kevin Warsh did not commit to a hike but indicated that the coming weeks would provide more data for the Committee to make a decision. The Fed will maintain eight meetings a year, with some meetings focusing on long-term strategy without a rate vote.
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