The Federal Reserve kept interest rates unchanged, causing the two-year Treasury yield to plunge in the short term.

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GMX stated on its X platform that the US Q3 GDP and September PCE data will be released at 8:30 AM Eastern Time on October 29th. The market expects GDP annualized growth of approximately 3.2%, core PCE to grow approximately 0.3% quarter-on-quarter and 3.1% year-on-year. The Federal Reserve voted 10-2 to maintain interest rates at 3.75% to 4.00%, with two dissenters supporting a rate hike; this data will influence the Fed's December decision.

On October 29, Qatar and other countries pushed Iran to allow UN inspections of its nuclear facilities in exchange for the easing of US sanctions, permission to sell oil, and the release of frozen funds. Iran sought approval from Supreme Leader Mojtaba Khamenei for the proposal. US and Israeli officials stated that if negotiations fail, the US and Israel might launch a week-long large-scale attack on Iran's leadership, energy, nuclear facilities, and infrastructure after the US midterm elections. Israeli Chief of Staff Zamir coordinated potential actions with US Central Command Commander Cooper on Monday. US President Trump stated that the US and Iran are negotiating through mediators, and the outcome of an agreement remains uncertain. (Source: Axios)

Federal Reserve Chairman Kevin Warsh said the impact of the Fed's September rate hike on the market was largely in line with expectations.

CME FedWatch data shows that traders’ expectations for a Fed rate hike in December have risen to 86%, up from 78% yesterday and 76% last week.