What are the most important events and topics in the news today?

Sources conflict

The answer says the Fed held rates steady, but the cited Reuters headline says the Fed lowered rates, which contradicts it.

I'll gather today's top headlines and most important stories for you.

Most Important News Topics Today - October 29, 2026 (UTC):

Based on available headlines for October 28-29, 2026:

1. US Economy: Federal Reserve Holds Rates Steady

•The U.S. Federal Reserve left its benchmark interest rate unchanged at 3.75% to 4.00%.

•The decision was announced on the 28th, local time, after a two-day meeting of the Federal Open Market Committee.

•The vote was not unanimous. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack both voted against the decision, each preferring to raise the rate by a quarter point - described as vote 10-2.

Markets were focused on the Fed decision ahead of expectations for December. Reuters polling had previously expected a 25bps cut on October 29, but the Fed held steady. Coverage notes the Fed is operating in a "fog" due to lack of official data during a federal government shutdown.

Fed Chair referenced the data gap saying: "what do you do if you're driving in the fog? You slow down."

The Fed also included references to the lack of official data during a federal government shutdown in its policy statement, and noted there were "strongly differing views" about how to proceed in December.

US equities closed mixed on Wednesday after the hold.

2. Middle East: Gaza Ceasefire Under Severe Strain

•Israel said on Wednesday it remains committed to the U.S.-backed ceasefire in Gaza, despite its retaliation for the death of an Israeli soldier with day-long bombardment that Gaza health authorities said killed 104 people.

•Even as the military affirmed it still intended to uphold the truce, it announced it had carried out another airstrike in the north of Gaza where it said weapons had been stored.

•The killing of an Israeli soldier in Gaza on Tuesday has triggered the worst escalation there since the ceasefire brokered by U.S. President Donald Trump came into effect on October 10.

President Trump said "Nothing is going to jeopardise" the ceasefire and that Israelis "should hit back" after the soldier was killed.

This follows a UN Commission report on Oct 26 that Israel continued to commit genocide in Gaza after last October's ceasefire, which Israel dismissed.

3. Israel Politics: Election Deadlock - No Majority

•Legislative elections were held in Israel on 27 October 2026 - the first since the Oct 7, 2023 Hamas attacks.

•No bloc secured majority. Early counting put Netanyahu's bloc at 54 seats but a majority in Israel's 120-member Knesset requires 61 seats.

•Opposition bloc led by Gadi Eisenkot also fell short, with reports of 50-52 seats and Arab parties at 19, leading to deadlock and likely prolonged coalition negotiations.

4. India: Cyclone Arnab - Eastern Coast

•According to the India Meteorological Department, Cyclone Arnab will cross the Andhra Pradesh and Yanam coasts between Bapatla and Visakhapatnam on October 28, 2026.

•Schools closures declared: Anakapalli schools will remain closed from October 27 to 29, 2026 and Odisha's Ganjam district declared holidays for all Anganwadi centres from October 27 to 29.

•Reporting notes schools in eight districts of Odisha remain closed on October 28 as Cyclone Arnab approaches and mass evacuations on India's eastern coastline.

•Also affected Nepal suspended trekking permits for three days and Sri Lanka closed schools as precaution.

The World Bank also projected that global commodity prices will surge 23 per cent in 2026.

5. Brazil: Post-Election Controversy

•Luiz Inácio Lula da Silva won Brazil's October 25 presidential runoff against Senator Flávio Bolsonaro, Reuters reported.

•Coverage on Oct 28 notes Brazil faces post-election controversy as Bolsonaro fled to the United States.

Other topics featuring in global roundups for Oct 28 include political uncertainty and military tensions across several regions.

Citations (2)

1reuters.comNews and mediaquality 1.00
Fed lowers rates, but Powell suggests move may be the last of 2025
Backs: “Reuters polling had previously expected a 25bps cut on October 29, but the Fed held steady. Coverage notes the Fed is operating in a "fog" due to lack of official data during a federal government shutdown.”
evidence, article. Claim: Fed operating in a fog amid the government shutdown data gap, with Reuters polling having expected a 25bps cut on October 29.
2reuters.comNews and mediaquality 1.00
Israel kills more than 100 in strikes after soldier's death, says it still backs ceasefire
Backs: “US equities closed mixed on Wednesday after the hold. 2. Middle East: Gaza Ceasefire Under Severe Strain. Israel said on Wednesday it remains committed to the U.S.-backed ceasefire in Gaza, despite its retaliation for the death of an Israeli soldier with day-long bombardment that Gaza health authorities said killed…”
evidence, article. Claim: Israel says it remains committed to the Gaza ceasefire despite deadly strikes after a soldier's death.