加拿大央行行長麥克勒姆：燃料成本將在更長時間內維持高位。

Markets largely expect a Fed pause but retain sizable odds of a December hike. 1) Messaging on a pause: whether officials frame a hold as temporary—awaiting more data—or as evidence policy is already sufficiently restrictive will be the primary market hinge. 2) Inflation pass‑through: US Sep CPI +3.7% YoY, core CPI +2.6% YoY; the Fed’s view on whether energy-driven price moves are spilling into services, goods and inflation expectations will influence the case for further tightening. 3) Forward‑guidance tradeoff: a policymaker who has repeatedly declined to pre‑judge future meetings again refused on Oct. 16 to outline a policy path; markets will test whether clear guidance can be conveyed without committing to timing. 4) Yields and financial conditions: elevated long Treasury yields and rising funding costs are tightening housing and other rate‑sensitive sectors; whether the Fed treats tighter financial conditions as a partial substitute for hikes is market‑relevant. 5) AI’s dual effects: officials note AI capex may boost near‑term demand while productivity gains are longer dated; the Fed’s assessment of short‑term inflationary impulse versus longer‑term disinflation matters for rates. 6) Political pressure ahead of the Nov. 3 midterms: calls for rate cuts from political leaders raise focus on whether the Fed will publicly defend independence or avoid political commentary.

Japan's Nikkei 225 rose 685.82 points (1.08%) to 63,954.19 on Oct 28, led by chip stocks. South Korea's KOSPI jumped 374.10 points (6.63%) to 6,012.44 on Oct 28, reclaiming the 6,000 level after 10 trading days; SK Hynix gained nearly 11% and Samsung Electronics about 9%.