Fed Holds Rates at 3.75%–4.00% in a 10–2 Vote: How QQQ, SPY and Bitcoin Reacted

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The Fed holds rates at 3.75% - 4.00% in a 10-2 vote. Explore the dissenting votes, inflation outlook and implications for markets.
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The Federal Reserve held its benchmark rate at 3.75%–4.00% on October 28, 2026, in a 10–2 vote, with Lisa Cook and Beth Hammack favoring another quarter-point increase. Although Chair Kevin Warsh did not commit to a December hike, CME FedWatch odds rose to 85%. Stocks closed slightly higher, while MEXC data showed QQQUSDT, SPYUSDT, and BTCUSDT gaining before the close. Larger moves followed Microsoft and Alphabet earnings after market hours, highlighting how corporate results can overshadow monetary policy events.