Day-before heads-up: Fed decision + MSFT/GOOGL — Wed Oct 28

What happened

Day-before preview for Wed Oct 28: FOMC decision at 2:00 PM ET with Warsh press conference at 2:30 PM ET, followed by Microsoft and Alphabet earnings after the close. Consensus bar is a hold at 3.75%-4.00% (~90% market pricing, 50 hold vs 1 hike in an Oct 27 research tally; Reuters poll 94/100 hold, all 100 expect a December hike). MSFT EPS ~$4.71, revenue ~$90.6B (guided $89.85-90.95B), Azure ~45% constant-currency guided; GOOGL EPS $2.94-3.03.

Who’s affected

• Broad U.S. equities
• MSFT, GOOGL
• AMZN ahead of Thu earnings; rates / Treasuries via Fed decision and December-hike language