The Federal Reserve held its federal funds target range at 3.75% to 4.00% on October 28, 2026, according to the FOMC statement posted by the New York Fed . The decision landed in the middle of the busiest Big Tech earnings week of the quarter, and it gave the Fed holds rates story a harder edge than the headline suggests. The Federal Open Market Committee voted 10 to 2. Governor Lisa Cook and Beth Hammack, President of the Federal Reserve Bank of Cleveland, dissented in favor of a 0.25-percentage-point rate increase. Microsoft, Alphabet and Amazon all report third-quarter results this week, and Alphabet’s numbers are already public. This is a markets story, but it belongs on a software desk.
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