Fed decision due at 2 p.m. ET; Microsoft and Alphabet report after the close

As of 9:39 a.m. ET, Wednesday, Oct. 28, 2026

The Federal Reserve wraps up its two-day policy meeting Wednesday, with its decision due at 2 p.m. ET and a press conference to follow, according to the Fed's calendar. Microsoft and Alphabet, two of the biggest names in the artificial intelligence trade, report quarterly results after the market closes.

The Fed

At its last meeting, on Sept. 16, the Federal Open Market Committee voted 12-0 to raise its benchmark federal funds rate by a quarter point, to a range of 3.75% to 4%, according to the Fed's statement. "Inflation remains elevated," the committee said then.

Markets expect the Fed to leave rates unchanged this time, Reuters reported. Analysts at JPMorgan said in a note that they anticipate at least two dissents, which could send a hawkish signal, according to Reuters. Those are expectations, not results. Minutes of this week's meeting are scheduled for release Nov. 18, according to the Fed's calendar.

The Bank of Canada also announces a rate decision Wednesday, and is expected to raise rates, Reuters reported. Earlier Wednesday, the Reserve Bank of New Zealand surprised markets by holding its rate at 2.75% instead of raising it, according to Reuters.

Microsoft and Alphabet

Microsoft will publish results for its fiscal first quarter after the close Wednesday, with a webcast of its earnings call at 2:30 p.m. Pacific time (5:30 p.m. ET), the company said. Alphabet will post its third-quarter results on its investor relations site before its call at 4:30 p.m. ET, the company said.

Investors will be looking for evidence that the companies are earning returns that justify the cost of building out AI, Reuters reported. "These results could determine if the tech/AI rally has legs," Kathleen Brooks, a director at broker XTB, told Reuters. She said signs of a failure to monetize investments or a slowdown in capital spending "could have big repercussions for the AI trade."

Markets this morning

MSCI's All-World index was up 0.2% and U.S. stock futures were up between 0.1% and 0.4% on Wednesday morning, Reuters reported. Brent crude futures rose 1.2% to $115.24 a barrel after an attack on a refinery in Saudi Arabia, according to Reuters. Prices may have moved since.