# Fed holds rates

Morning edition · Tue, 27 Oct 2026 · published 26 Oct 2026, 22:18 UTC · Pulse
Canonical: https://getpulsebrief.com/brief/2026-10-27-morning

> Markets price over 90% odds of no change to the 3.75%-4.00% Fed target range at the October meeting after the September hike, with attention shifting to December amid above-target inflation and elections.

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## Summary

Markets price over 90% odds of no change to the 3.75%-4.00% Fed target range at the October meeting after the September hike, with attention shifting to December amid above-target inflation and elections. The freshest catalyst is Microsoft's voluntary buyout offer to roughly 60,000 employees to manage costs while accelerating AI spending, affecting technology and AI-infra sectors. Nearest high-impact calendar risk is the October 29 release of US GDP, Personal Income and Outlays, and Debt to GDP ratios. Brazilian markets saw the Ibovespa fall 10% with circuit breaker and iShares MSCI Brazil ETF dropping over 25%, while the real weakened more than 10% versus USD on fiscal risk repricing after Lula's reelection. Anthropic filed S-1 showing $16.3 billion first-half revenue with over 1,300% recent quarterly growth and $80.7 billion net loss ahead of Nasdaq listing under ANT. SpaceX secured a binding $40 billion GPU financing commitment via master lease from an Apollo Global Management entity for AI compute expansion. Strategy paused Bitcoin purchases while repurchasing $204.9 million of STRC preferred stock; Strive acquired 6,182 BTC as its largest purchase to date and now holds 43,000 BTC with a new $1 billion ATM program. Israeli strikes killed at least five Palestinians including a 7-year-old in Gaza and displaced over 3,000 in Hebron; a localized ceasefire in Oleshky begins October 29. Trump intensified anti-Muslim rhetoric against Michigan Senate candidate Abdul El-Sayed at a Port Huron rally. Flash floods hit Phuket affecting 100 households and Storm Boelo left thousands without power in Scotland with one fatality. No secondary disasters reported from the recent Tibet magnitude-7. 0 quake.

## Market state at publication

- Overall mood: neutral (46/100)
- Crypto Fear & Greed: 50 (Neutral)
- Market regime: mixed (confidence low)
- BTC: $79,899
- ETH: $2,307
- SOL: $100.26
- BNB: $741.23
- VET: $0.00653

## Regime

- **US dollar:** unknown
- **Rates:** neutral
- **Equities:** defensive
- **Crypto liquidity:** neutral

## Economy & Finance — negative, worsening

Ibovespa index fell 10% triggering circuit breaker and trading halt while iShares MSCI Brazil ETF dropped over 25% and the real weakened more than 10% versus USD after Lula's reelection. Anthropic filed S-1 showing first-half 2026 revenue of $16.3 billion with over 1,300% year-on-year growth in the recent quarter and net loss of $80.7 billion ahead of Nasdaq listing under ANT. Markets assign over 90% probability of no change to the 3.75%-4.00% Fed target range at the October meeting after the September hike.

### Brazilian markets crash after Lula da Silva's surprise reelection

- Fact: Ibovespa index fell 10% triggering circuit breaker and trading halt; iShares MSCI Brazil ETF dropped over 25%; Brazilian real weakened more than 10% versus USD as investors repriced fiscal risks under Lula. ([source](https://www.reuters.com/business/finance/investors-expect-markets-unwind-brazils-lula-reelected-2026-10-26/))

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## Crypto — neutral, stable

Strategy made no Bitcoin purchases or sales for the week of October 19-25, holding steady at 848,517 BTC acquired for $64.02 billion at an average of $75,446 per BTC; the company repurchased 2,068,459 shares of its STRC preferred stock for $204.9 million. Strive acquired 6,182 BTC between October 17 and 23, its largest purchase to date; total Bitcoin holdings now stand at 43,000 BTC; the company also established a $1 billion ATM program for its SATS preferred stock.

### Strategy pauses Bitcoin purchases, spends $205M on STRC preferred stock buyback

- Fact: Strategy made no Bitcoin purchases or sales for the week of October 19-25, holding steady at 848,517 BTC acquired for $64.02 billion at an average of $75,446 per BTC; the company repurchased 2,068,459 shares of its STRC preferred stock for $204.9 million using its USD Cash balance, which fell to $242.4 million. ([source](https://decrypt.co/381811/strategy-pauses-bitcoin-buying-spends-205m-buying-back-strc))

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## Technology & AI — positive, improving

Anthropic reported revenue of $16.3 billion in the first half of 2026 with over 1,300% year-over-year growth and plans to list Class A shares under ticker ANT on Nasdaq. The offer is available to approximately 27% of Microsoft's global workforce of 223,000 in the US, UK, Canada and India. SpaceX reached a binding commitment for roughly $40 billion in financing via a master lease for Nvidia GPUs and related equipment from an Apollo Global Management entity.

### Anthropic files for IPO revealing $16.3B first-half revenue and $80.7B net loss

- Fact: Anthropic reported revenue of $16.3 billion in the first half of 2026, up over 1,300% year-over-year, with plans to list Class A shares under ticker ANT on Nasdaq; the company posted a net loss of $80.7 billion in the same period, largely due to accounting charges on convertible notes, while achieving its first quarterly operating profit in Q2. ([source](https://www.reuters.com/legal/transactional/anthropic-opens-books-ais-explosive-growth-staggering-costs-2026-10-26/))

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## Politics & Policy — negative, stable

President Trump called Abdul El-Sayed a jihadist Muslim Brotherhood member at a Port Huron rally and accused him of wanting to impose Sharia law. Nine Republican-redrawn districts now lean Democratic or are too close to call despite aggressive redistricting. Attorney General Todd Blanche defended the Justice Department's pre-emptive lawsuit to block certification of Alaska's Senate results if Republican Dan Sullivan loses.

### Trump intensifies anti-Muslim rhetoric against Michigan Senate candidate Abdul El-Sayed

- Fact: President Trump called Abdul El-Sayed a 'jihadist Muslim Brotherhood member' who is 'on the side of the terrorists' at a rally in Port Huron, Michigan; Trump claimed El-Sayed would need to go through a metal detector before entering the Senate and accused him of wanting to impose Sharia law. ([source](https://www.aljazeera.com/news/2026/10/26/trump-dials-up-islamophobia-at-michigan-senate-rally-against-abdul-el-sayed))

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## Conflicts — negative, worsening

Four Palestinians including a 7-year-old were killed in an airstrike on a displaced camp in al-Mawasi west of Khan Younis; separate drone strike killed one in Remal with total 11 killed and 50 wounded in past 24 hours across Gaza. Nearly 500 families comprising 3,171 people were displaced in Hebron governorate with homes converted to military posts. Ceasefire to begin October 29 in Oleshky allowing humanitarian aid entry and civilian evacuations.

### Israeli strikes kill at least five Palestinians including a 7-year-old girl in Gaza

- Fact: Four Palestinians including 7-year-old Jouri al-Soufi killed in airstrike on displaced camp in al-Mawasi west of Khan Younis; separate Israeli drone strike killed one in Remal neighbourhood west of Gaza City; total of 11 killed and 50 wounded in past 24 hours across Gaza. ([source](https://www.aljazeera.com/news/2026/10/26/israeli-forces-kill-at-least-five-people-in-gaza-including-7-year-old-girl))

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## Disasters & Climate — neutral, stable

All three districts of Phuket including the capital were impacted by flash flooding following heavy overnight rainfall affecting approximately 100 households with some mudslides reported. A 60-year-old man died after being struck by a falling tree in Dumfries and Galloway with tens of thousands of homes without electricity after Storm Boelo. No additional casualties or secondary geological disasters reported following the magnitude-7.0 quake that struck Nagqu on October 22.

### Flash floods inundate Phuket island in Thailand after heavy rain

- Fact: All three districts of Phuket, including the capital Phuket City, were impacted by flash flooding following heavy overnight rainfall; approximately 100 households affected with some mudslides reported; no casualties and waters began receding by late morning. ([source](https://apnews.com/article/thailand-phuket-flooding-mudslide-d3eb82e5f9dfeb6356804414e9e3be85))

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## Health & Science — positive, improving

Team led by Ebola co-discoverer Jean-Jacques Muyembe will probe how the Ugandan-born wife of a Swiss diplomat contracted Bundibugyo virus. Phase 3 trial of sacituzumab tirumotecan reduced risk of death by 33% and risk of progression or death by 41% versus chemotherapy. Intismeran plus Keytruda reduced risk of recurrence or death by 42% in Phase 3 melanoma trial.

### Africa CDC sends Ebola experts to investigate Nigeria's first case in over a decade

- Fact: Team led by Ebola co-discoverer Jean-Jacques Muyembe will probe how the Ugandan-born wife of a Swiss diplomat contracted Bundibugyo virus, exploring possible links to a Kenya case at Entebbe airport; DRC outbreak has caused nearly 10,000 cases and over 4,600 deaths; virus has now spread to Kenya, Uganda and Nigeria with many unknowns remaining. ([source](https://www.reuters.com/business/healthcare-pharmaceuticals/ebola-scientists-probe-nigeria-case-origin-africa-cdc-says-2026-10-26/))

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## Calendar

- 27 Oct 2026 — US H.15 Selected Interest Rates (medium impact)
- 27 Oct 2026 — US New Residential Construction (medium impact)
- 29 Oct 2026 — US Personal Income and Outlays (high impact)
- 29 Oct 2026 — US Gross Domestic Product (high impact)
- 29 Oct 2026 — US Debt to Gross Domestic Product Ratios (high impact)
- 29 Oct 2026 — US Unemployment Insurance Weekly Claims Report (medium impact)
- 3 Nov 2026 — US Job Openings and Labor Turnover Survey (medium impact)

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Written by an AI model from the sources above and checked by automated source and consistency gates. Not financial advice. Methodology: https://getpulsebrief.com/methodology