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Good morning. US stock futures moved higher in Thursday morning trading as Wall Street digested news of the latest move by the Federal Reserve to pause on interest rate hikes.

S&P 500DowNasdaq
+0.52%+0.39%+0.80%

📊 Federal Reserve holds hand on rate hike

📝 Our report: 

 🔑 Key points: The Federal Reserve decided to keep its benchmark interest rate at the highest level it has been in 22 years. Fed Chairman Jerome Powell said the Fed would keep rates steady in the range of 5.25%-5.50% while noting that the door was still open for further action to bring inflation back to the Fed’s 2% target. 

  • The Fed reiterated that future rate hikes would be contingent on the impact of previous rate hikes on the economy, lag effects, and economic developments.

  • Fed officials said they were proceeding more cautiously as they take more time to digest cooling inflation data and judge whether hotter-than-expected consumer spending and job growth could continue.

  • The majority of Fed officials had however penciled one more rate hike at the Fed’s September policy meeting.

💡 So what: The decision by the Fed to hold interest rates steady is often influenced by various economic factors. These factors include the level of inflation, the state of the economy and employment levels. In a nutshell, holding rates steady gives the Fed time to see how previous rate hikes have been absorbed by the economy and the effects of policy decisions on areas such as borrowing and spending.

 Thursday - Initial Jobless Claims (wk end Oct 28)

Friday - US Unemployment Rate

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🧑🏽‍💼 US job openings tick higher

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🤖 US to create AI Safety Institute

WHAT: Get ready for some AI safety vibes! US Commerce Secretary Gina Raimondo, in a speech at the AI Safety Summit in Britain, announced that the US is gearing up to unveil its own AI Safety Institute to evaluate known and emerging risks in the fast-growing AI space.

WHY: Raimondo added that she would also commit for the US institute to establish a formal partnership with the United Kingdom’s Safety Institute.

📱 Apple hit with iPhone battery lawsuit

WHAT: Apple’s attempt to dodge some battery drama in London didn’t quite go as planned! A lawsuit accusing the company of hiding defective batteries in millions of iPhone’s by “throttling” them with software updates brought by a consumer rights activist was granted the all-clear to proceed by the Competition Appeal Tribunal in the UK.

WHY: In a rebuttal of the claims, Apple said the lawsuit was “baseless” and that it strongly denies batteries in iPhone’s were defective apart from a small number of iPhone 6s models for which it offered free battery replacements.

🖥️ India grants tech firms permission for hardware imports

WHAT: India has given the nod to tech giants like Apple, Dell and Lenovo to import laptops, tablets and other personal computing devices into the country under a new import management system aimed at monitoring shipments of tech devices flowing into the country.

WHY: India announced the new system for laptops, tablets and personal computers last month after it rolled back an earlier plan to impose a licensing regime following criticism from the industry and Washington.

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