Microsoft (MSFT.O) rose 3.8% in premarket trading after reporting cash flow well above expectations and forecasting strong growth in its cloud business.

美联储主席沃什：委员会将实现物价稳定。

Markets largely expect the Fed to pause in October; a hike would be an unusual pre-election move. Two-to-three dissenting votes are possible, with a small subset of policymakers seen most likely to favor a raise. The policy statement is expected to remain brief and data-dependent. Language stressing financial stability would be read as dovish; heightened focus on inflation or energy spillovers would be read as hawkish. Retaining wording about a timely return to target or adding stronger ‘act as necessary’ phrasing would signal remaining tightening scope. The post-decision press conference is expected to be concise and pragmatic with limited forward guidance. Market-relevant questions for the chair include whether he will call recent inflation prints—above expectations for two months—‘too high’ and demand a faster pace to return inflation to 2%; how a pause in October is reconciled with keeping December options open; the balance of emphasis between inflation and financial conditions; the signal from elevated then retracing US Treasury yields; interpretation of AI-driven equity selling and potential bubble risks; how midterm congressional shifts could affect Fed policy; updates on Fed working-group reforms; and the financial-stability risk of uncontrolled AI developments.