#USEarningsSeason
October 28 | The Fed Sets the Tone, Big Tech Must Deliver the Growth

Today brings a rare combination of macroeconomic policy and major technology earnings. The Federal Reserve's rate decision could shift expectations across financial markets, while Microsoft ($MSFT) and Alphabet ($GOOGL) will provide fresh evidence about the strength of the AI and cloud-computing investment cycle.

For Microsoft, Azure growth, enterprise demand, AI monetization, and infrastructure spending are central to the story. Investors need to see whether AI is translating into measurable business value rather than simply requiring larger capital commitments.

For Alphabet, the key questions include Google Cloud's momentum, advertising resilience, and the company's ability to expand AI capabilities while protecting its core business economics. Strong execution could reinforce confidence in its long-term position, but elevated expectations leave little room for disappointing guidance.

The Fed decision matters because interest rates influence borrowing costs, valuation models, and appetite for risk. A more supportive policy outlook could help growth stocks, while a cautious message about inflation could offset otherwise solid earnings.

I would not assume that a rate cut or an earnings beat automatically guarantees a rally. The market reaction depends on what was already priced in and how management and policymakers frame the outlook.

My focus today is on two questions: Is AI creating durable earnings growth, and is monetary policy becoming more supportive or restrictive for risk as
sets?
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