Markets Stabilize After Binance Incident as Credit and Earnings Risks Persist

The Federal Reserve held its benchmark rate at 3.75% to 4% in a 10-2 vote, while the Fed chair made no commitment to a December policy move. The Fed plans one strategy meeting without a rate decision in 2027 and two in 2028. QCP Capital said fewer rate-decision meetings could allow more economic data to accumulate between decisions, raising rate volatility and term premiums. The European Central Bank and Bank of Japan also held rates steady. QCP said markets expect a possible rate increase from each in December.