Good Afternoon. On October 28, 1886, the Statue of Liberty was dedicated in New York Harbor. The gift from France marked the two countries’ friendship and a shared hope for freedom. It arrived from France in pieces in 1885, then crews put it back together on a new base.

—Rosie, Wyatt, Evan & Conor

In this edition

Supplied by StockTwits. ONEQ tracks the Nasdaq Composite; IEF holds U.S. Treasury bonds; GLD tracks gold. These three references are ETFs.

The read: Stocks edged higher during Wednesday’s trading after the Fed left rates alone. The S&P 500 and Nasdaq were each up roughly 0.2% after the news conference began. Bond yields told a less settled story: the 10-year Treasury yield moved above 5%.

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The Fed left rates alone. Two officials thought that was too generous.

In a 10–2 vote, the central bank kept its main rate at 3.75%–4%. Lisa Cook and Beth Hammack wanted a quarter-point increase instead. That makes this a pause with an argument inside it.

The decision holds the Fed’s key overnight borrowing rate in place. It doesn’t promise cheaper loans next, or set every rate a bank charges.

The Fed said the economy is growing at a strong pace. Spending has held up, business investment is robust, and job gains have kept pace with the workforce. Those are signs of strength. They also give officials less reason to rush toward lower rates.

The sticking point is inflation. The Fed said it remains elevated and wants more information before deciding its next move. Its price goal is still 2%.

So the useful takeaway isn’t that the fight is over. The majority chose to wait, while two voters wanted to press harder. The next batch of price data will arrive with that split already on the table.

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🏠 A small break for homebuyers

A small dip in mortgage rates brought some borrowers back. Applications rose 3.4% in the week ended October 23, the Mortgage Bankers Association said. Its average 30-year fixed rate fell to 7.37% from 7.41%. That’s relief, though hardly a return to cheap loans.

Applications to buy a home rose 4% from the prior week. They were still 18% below the same week last year. The weekly bounce is real; the much weaker yearly comparison shows how tight the market remains.

🧪 AI chips need a checkup

Before a chip goes to work, someone has to check that it works. That’s paying off for Teradyne. The testing-equipment maker reported quarterly sales of $1.31 billion, up 70% from a year earlier. AI demand helped its memory-testing business reach record sales.

The pace looks less dramatic next to the prior quarter, when revenue was $1.33 billion. Teradyne now expects $1.25 billion–$1.35 billion in fourth-quarter sales. That range points to a steadier next step after a huge jump from last year.

🛢️ Less oil, a disputed count

U.S. crude stocks fell 1.9 million barrels in the week ended October 23, the Energy Information Administration reported. Its data also showed a large jump in exports. Diesel and heating-oil stocks fell, while gasoline supplies grew.

There’s a catch in the count. Ship tracker Kpler said the government’s export estimate was about 1 million barrels a day above its own reading. That gap matters because exports help explain how much oil remains in U.S. storage. The weekly figures are estimates, with that disagreement still unresolved.

The rush to build power systems is filling GE Vernova’s order book faster than it can empty it. The equipment maker booked $29 billion in orders in the third quarter. That’s demand for future work, rather than money already earned from sales.

Its backlog—the work still owed to customers—grew by $20 billion from the prior quarter to $197 billion. Demand for gas-power equipment helped drive the increase. Sales rose 27% from a year earlier to $12.6 billion, and net profit reached $1.3 billion.

The company raised its full-year outlook and now expects its backlog to top $200 billion in the fourth quarter. A bigger queue gives it more future work. Turning those orders into finished equipment is the next part of the job.

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Canada chose a different move from the Fed: it raised rates. The Bank of Canada lifted its main rate by a quarter point to 2.5%, trying to stop high energy costs from spreading into more prices.

The bank expects inflation to average 3% in 2027, a full percentage point above its July forecast. It now sees inflation returning to 2% around the middle of 2028. Fuel costs are raising firms’ production and transport bills, and surveys suggest more of those costs will reach customers.

Growth has also been stronger than the bank expected. That gives it more room to act, even as U.S. tariffs weigh on parts of the economy. Officials said another increase may be needed, but uncertainty calls for care. The next scheduled rate decision is December 9.

🇦🇺 Australia’s prices heat up

Australia’s annual inflation rate rose to 4.3% in September, from 4% in August. Housing was the biggest contributor, with prices up 5.2% over the year. The rise means prices are climbing faster again, rather than simply staying high. That puts more pressure on household budgets already paying higher housing bills.

🏦 UBS speeds up buybacks

UBS earned $2.69 billion in the third quarter, up 8% from a year earlier. The Swiss bank also brought forward the planned finish of its $3 billion share buyback to February, from mid-2027. New Swiss rules on bank capital could still change the amount and pace of those buybacks. Capital is a bank’s buffer against losses.

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🥸 Dad Joke of the Day

Q: What’s the best way to watch a fly fishing tournament?

A: Live stream.

📖 Vocab Word of the Day · Hurdle rate

Hurdle rate: The minimum return a company wants before it backs a project. Higher borrowing costs can make that bar harder to clear.

In a sentence: With the Fed holding rates steady, companies still need projects that earn enough to clear their hurdle rate.

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