Central banks dominate the forward calendar with the Fed's October 27–28 FOMC meeting expected to hold rates at 3.75–4.00% following September's 25bp hike, while markets price a December follow-through; the ECB is similarly expected to hold at 2.50% on October 29 and the BoJ to stand pat after its recent 25bp move, with the next hike not anticipated until early 2027. Geopolitical risk remains the session's sharpest edge, with ongoing Middle East tensions — including reported tanker damage in the Strait of Hormuz, Houthi attacks on Saudi facilities, and speculation around potential post-election US/Israel strikes on Iran — driving sharp oil volatility and safe-haven positioning, while the VIX eased 6.13% to 17.31 even as the Nikkei VIX rose 3.04% to 32.18, signalling divergent regional anxiety. The cross-asset read into Thursday's US open is cautious: Nasdaq 100 futures pointed -1.6% and S&P futures -1.0% in pre-market trade, reflecting a hangover from mixed mega-cap earnings — Meta's capex-heavy beat and Tesla's spending-cut narrative — compounded by Netflix's roughly 5.3% post-close drop on weak guidance. A steep WTI selloff of 4.56% to $97.15 contrasts with Brent's near-flat print at $108.82, widening the WTI-Brent spread to -$12.30/bbl and injecting confusion into energy-sector positioning, while the 10-year Treasury yield's 3bp bull-flattening move to 5.12% — against a 2bp rise in the 2-year to 4.79% — suggests some flight-to-quality demand even as the front end reprices Fed optionality higher.