Markets overwhelmingly expect the Federal Reserve to keep benchmark rates unchanged this week after its September increase, so investors are focused on signals from Chairman Kevin Warsh about future moves. September CPI rose 3.7% annually, driven largely by energy prices, while core CPI reached 2.6%, up 0.3 percentage points from August. Deutsche Bank's Brett Ryan expects Warsh to signal that further tightening will likely be needed over time, while Evercore ISI's Krishna Guha warns of material execution risk given the Fed's limited detail on how it views risks. Trading in fed funds futures implies about a 10% chance of a hike this week but more than 80% for December, according to CME Group's FedWatch tool.
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FedKevin Warshinterest ratesinflationDXY
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Related tickers and likely impact
DXY
▲ Likely positiveRelevance: high
| Market | Currencies |
|---|---|
| Close on 10/26/2026 | 102.02 |
| Change that session | +0.27% |
XAU/USD
▼ Likely negativeRelevance: high
| Market | Gold |
|---|---|
| Close on 10/26/2026 | 4,017.27 |
| Change that session | +0.54% |
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/26/2026 | 4,017.66 |
| Change that session | +0.17% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/26/2026 | 712.20 |
| Change that session | +1.11% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/26/2026 | 765.37 |
| Change that session | +0.71% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/26/2026 | 4,007.41 |
| Change that session | +0.19% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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