Glencore reported Q3 copper production of 201,600 tonnes.

KPMG chief economist Swoak said Wosh is unlikely to offer further explanation of the Fed's decision at today's press conference. She suggested policymakers may be concerned that tightening too quickly could do “damage” to the economy. She flagged vulnerabilities in the AI boom: mid‑October saw a sharp tech-sector sell-off, and scattered reports say lenders have grown more cautious about extending additional funding to hyperscale companies for AI infrastructure — at least at previous valuation levels.

Hawkish case: September CPI and PPI remain elevated, marking a second consecutive year without progress on inf. With markets largely pricing a December hike, hawks argue further delay adds costs and that waiting six more weeks offers little benefit. They also contend policy is not yet restrictive. Dovish case: If policymakers still expect 2–3 more hikes, spreading those moves reduces implementation risk; former Fed official Kaplan said a six-week delay carries manageable risk. Back-to-back hikes could signal to markets a faster tightening cycle than policymakers intend. Several officials have signaled no urgency and some Fed silence has lifted odds of a hold; historically the Fed rarely surprises with a pre-election rate increase.