The Federal Reserve maintains the interest rate, and traders anticipate Powell's remarks.

• The Federal Reserve maintained the federal funds rate within the range of 5.25% to 5.50%.
• The Fed highlighted that economic activity demonstrated strength during the third quarter.
• Traders' initial response indicates their reluctance to make significant movements prior to Powell's press conference.

On November 1, the Fed issued its FOMC Statement maintaining the federal funds rate within the anticipated range of 5.25% to 5.50%.

The Fed acknowledged that job gains had slowed compared to earlier in the year, while inflation remained high. Additionally, the central bank highlighted that economic activity had expanded significantly in the third quarter.

Overall, the FOMC Statement contained no unexpected revelations. The robust growth of economic activity in the third quarter presents the Fed with an opportunity for another rate hike this year, pending Powell's assessment.

Given the FOMC Statement's brevity, traders must await Powell's press conference for further clues on Fed policy.

Following the release of the FOMC Statement, the U.S. Dollar Index retreated below the 107 level, with potential for change during Powell’s press conference.

Gold remains range-bound between $1975 and $1985, while Treasury yields continue to decline, indicating a reduced demand for safe-haven assets, which may impact gold negatively.

The SP500 displayed limited reaction to the FOMC Statement, with expectations of heightened sensitivity to Powell's comments.