Why it matters
- The Federal Reserve announces its decision Wednesday, Oct. 28, at 2 p.m. ET, with a press conference at 2:30 p.m. The ECB decides Thursday, Oct. 29, and the Bank of Japan ends its meeting Friday, Oct. 30. All three raised rates in September.
- Thursday, Oct. 29, also brings the first estimate of U.S. third-quarter GDP and September personal income and outlays at 8:30 a.m. ET, the Bureau of Economic Analysis says. The employment cost index follows Friday.
- From Oct. 16 to Oct. 22, the Hang Seng fell 5.18% and the Nikkei 225 3.70%, while the S&P 500 was little changed and the 10-year Treasury yield fell to 4.96% from 5.09%.
Analysis: this piece includes our interpretation of the facts reported.
Three of the world's biggest central banks announce rate decisions in the week of Oct. 26–30. The Federal Reserve decides Wednesday, Oct. 28, the European Central Bank Thursday, Oct. 29, and the Bank of Japan Friday, Oct. 30, according to their published calendars. The first estimate of U.S. third-quarter GDP lands Thursday morning, and Microsoft, Alphabet and Amazon are scheduled to report results.
All three banks raised rates in September. The Fed lifted its target range a quarter point to 3.75% to 4% on Sept. 16, its statement said. The ECB raised its deposit rate to 2.50%, effective Sept. 16. The Bank of Japan raised its short-term rate to 1.25% on Sept. 18 in a 7–2 vote, Trading Economics reported.
When are the Fed, ECB and Bank of Japan decisions?
The Fed's two-day meeting runs Oct. 27–28. Its statement is due at 2 p.m. ET Wednesday, and Chairman Kevin Warsh's press conference at 2:30 p.m., the Fed's October calendar shows. The Bank of Canada announces its decision and Monetary Policy Report at 9:45 a.m. ET the same day.
The ECB's Governing Council meets in Frankfurt on Oct. 28–29, with a press conference after the second day. The Bank of Japan meets Oct. 29–30 and releases "The Bank's View" from its quarterly Outlook Report right after the meeting, the BoJ says.
How did markets do this week?
| Market | Fri., Oct. 16 close | Thu., Oct. 22 close | Change |
|---|---|---|---|
| S&P 500 | 7,659.44 | 7,663.43 | +0.05% |
| Nasdaq Composite | 26,140.03 | 26,008.86 | −0.50% |
| Dow Jones industrials | 52,002.41 | 52,867.98 | +1.66% |
| STOXX Europe 600 | 644.74 | 637.74 | −1.09% |
| Nikkei 225 (Japan) | 65,324.29 | 62,907.84 | −3.70% |
| Hang Seng (Hong Kong) | 24,186.83 | 22,934.68 | −5.18% |
| Kospi (South Korea) | 5,668.05 | 5,533.77 | −2.37% |
| U.S. 10-year yield | 5.09% | 4.96% | −0.13 pt |
| U.S. 2-year yield | 4.74% | 4.65% | −0.09 pt |
| Brent crude ($/barrel) | 109.86 | 113.17 | +3.01% |
| Gold futures ($/ounce) | 4,181.10 | 4,060.40 | −2.89% |
| Dollar index | 101.84 | 101.61 | −0.23% |
Hong Kong was closed Oct. 19. Sources: Yahoo Finance daily chart data; yields are Treasury Department par yields.
The Nasdaq erased a 2.15% gain for the week on Thursday, when it fell 2.60% and the S&P 500 1.21%, Yahoo Finance data show. Asia was mixed on Friday. The Nikkei slipped 0.34% to 62,693.16, while the Hang Seng rose 0.69% to 23,093.37 and the Shanghai Composite 0.89% to 3,690.48.
What is on the calendar next week?
| Date | Event |
|---|---|
| Mon., Oct. 26 | $69 billion 2-year note auction (1 p.m. ET) |
| Mon., Oct. 26 | Verizon before the open; Cadence Design and Nucor after the close |
| Tue., Oct. 27 | U.S. September durable goods orders (8:30 a.m. ET); new home sales (10 a.m.) |
| Tue., Oct. 27 | $70 billion 5-year note auction (1 p.m. ET) |
| Tue., Oct. 27 | Coca-Cola, Boeing, Novartis and UPS before the open; Visa after the close |
| Wed., Oct. 28 | U.S. advance trade, retail and wholesale inventories (8:30 a.m. ET) |
| Wed., Oct. 28 | Bank of Canada decision (9:45 a.m. ET); $30 billion 2-year floating-rate note auction (11:30 a.m.) |
| Wed., Oct. 28 | Fed decision (2 p.m. ET) and press conference (2:30 p.m.) |
| Wed., Oct. 28 | Microsoft, Alphabet, KLA and ServiceNow after the close |
| Thu., Oct. 29 | U.S. Q3 GDP advance estimate and September personal income and outlays (8:30 a.m. ET) |
| Thu., Oct. 29 | ECB decision and press conference; $44 billion 7-year note auction (1 p.m. ET) |
| Thu., Oct. 29 | Eli Lilly, Mastercard, Caterpillar and Shell before the open; Amazon and Intel after the close |
| Fri., Oct. 30 | Bank of Japan decision; euro-area flash Q3 GDP and unemployment (Eurostat) |
| Fri., Oct. 30 | U.S. Q3 employment cost index (8:30 a.m. ET) |
| Fri., Oct. 30 | ExxonMobil, Chevron, AbbVie and AstraZeneca before the open |
| Sat., Oct. 31 | China official PMIs (9:30 a.m. Beijing) |
Earnings dates and times are from Nasdaq's earnings calendar; companies can change them. Auction sizes are from TreasuryDirect's upcoming-auctions list. Eurostat lists the euro-area flash inflation estimate for Nov. 4, outside this window.
Why does the timing matter?
The U.S. GDP and spending data arrive the morning after the Fed's decision, so the Fed will not have them when it votes. The Treasury's $213 billion of note sales, including the floating-rate note, overlap the Fed meeting. The 10-year yield fell 0.17 point on Thursday alone, Treasury data show. See our dollar index drivers, the yen and Bank of Japan analysis, last week's week-ahead calendar and live levels on the world markets page.
Sources
- Federal Reserve, Calendar: October 2026, FOMC meeting calendars and Sept. 16 statement
- European Central Bank, Governing Council meeting calendar and Sept. 10 monetary policy decisions
- Bank of Japan, Monetary Policy Meeting schedule
- Trading Economics, Japan interest rate
- Bank of Canada, Upcoming events
- U.S. Bureau of Economic Analysis, Release schedule
- U.S. Bureau of Labor Statistics, October 2026 release schedule
- U.S. Census Bureau, 2026 economic indicator calendar
- TreasuryDirect, Upcoming auctions
- Eurostat, Release calendar
- National Bureau of Statistics of China, 2026 release calendar
- Nasdaq, earnings calendar for Oct. 26, Oct. 27, Oct. 28, Oct. 29 and Oct. 30
- U.S. Treasury Department, Daily Treasury par yield curve rates, 2026
- Yahoo Finance chart data: S&P 500, Nasdaq Composite, Dow, STOXX Europe 600, Nikkei 225, Hang Seng, Shanghai Composite, Kospi, Brent, gold and dollar index