# Rates, inflation and tech earnings set the agenda for October 28, 2026 : Wednesday, October 28, 2026

- Source: https://orderflowfutures.com/en/news/2026-10-28
- Site: OrderFlowFutures (https://orderflowfutures.com)
- Edited by: Tom, Trader & founder of OrderFlowFutures (https://orderflowfutures.com/a-propos#auteur)
- Published: 2026-10-28
- Updated: 2026-10-28
- Reuse: free to quote and cite, with attribution to OrderFlowFutures and a link to the source URL.

> US index futures are moving without a clear direction ahead of Alphabet and Microsoft earnings after the close and a Fed decision on the agenda. The RBNZ surprised markets by holding its rate at 2.75%, which keeps rate expectations at the centre of attention.

## Macro & central banks
- **Fed**: UBS now expects two more rate hikes by mid 2027, following the 25 basis point increase in September, in a context of hawkish comments from Chair Kevin Warsh. In its base case, the bank sees the Fed resuming cuts at the end of 2027.
- **RBNZ**: the rate was held at 2.75% by a 4 to 3 vote, with three members pushing for a move to 3.00%. Markets had expected a 25 basis point hike. The New Zealand dollar fell 1.4% against the US dollar.
- **RBA**: Governor Michele Bullock said inflation is likely to stay elevated for some time. The board will debate next week whether four rate hikes have been enough to bring prices down.
- **Bank of Thailand**: the policy rate was held at 1.00% unanimously, with growth slowing to 1.9% year on year in the second quarter.
- **United Kingdom**: Chancellor John Healey ruled out broad tax increases and kept a 15 billion pound headroom, in line with market expectations. The conflict in Iran is weighing on energy prices and inflation.

## Bonds & energy
- UBS says fixed income has become attractive again, with yields having risen sharply since the pandemic. Strains in French debt have widened the risk premium over German 10 year Bunds.
- Higher energy prices are fuelling concerns about more persistent inflation and reinforcing expectations of tighter monetary policy.

## Indices & tech
- At 10:02 on Wednesday, S&P 500 futures were up 0.1%, Nasdaq 100 futures gained 0.6%, and Dow futures slipped 0.2%.
- SK Hynix reported a sharp rise in quarterly operating profit.
- In Malaysia, advanced AI chips worth about 12.11 million dollars were seized at Kuala Lumpur airport, as part of an investigation into a suspected smuggling network linked to export controls aimed at keeping chips away from China.

## Geopolitics
- In Israel, exit polls show Benjamin Netanyahu's Likud and Gadi Eisenkot's Yashar each winning between 50 and 51 seats, well short of the 61 seat majority. Turnout exceeded 77%, and the full count is expected to take several days.

## What to watch today
- Alphabet and Microsoft earnings after the close, two heavyweights of the Nasdaq.
- The Fed decision and what it signals about the rate outlook.
- First official results of the Israeli election in the coming hours.

*Brief compiled from the morning's news flow, AI-assisted and reviewed before publication. Not investment advice.*