The Federal Reserve held interest rates steady in October, but is another rate hike coming in December? And could the Fed's fight against inflation create bigger problems for the economy and financial markets? Lance Roberts and Michael Lebowitz examine the Federal Reserve's decision to leave interest rates unchanged despite hotter inflation data, two dissenting policymakers, and growing concerns about the effectiveness of monetary policy. The discussion explores whether the Fed is making a policy mistake by responding to oil-driven inflation with higher interest rates, potentially weakening consumer spending and an already fragile labor market. With the Fed planning fewer policy meetings in 2027, will less frequent decisions improve monetary policy or simply prolong uncertainty? Meanwhile, corporate earnings are driving sharp moves in technology stocks. Microsoft and Google delivered contrasting market reactions despite generally strong business performance, raising questions about artificial intelligence spending, corporate cash flow, shareholder dilution, and the sustainability of AI-driven earnings growth. Lance and Michael also examine the ongoing rotation between growth and value stocks, why many individual companies have experienced bear-market declines despite the S&P 500 trading sideways, and whether the market's extended consolidation is setting the stage for a year-end rally or another correction. The central question: Is the Federal Reserve preventing another inflation problem, or is its interest rate policy creating unnecessary risks for consumers, investors, and the stock market heading into 2027? 0:00 - INTRO 0:56 - GDP, PCE, and What the Fed's Watching 2:50 - Is Cap-ex spending Contributing to Inflation? 4:47 - Earnings: Microsoft & Google, two different stories 7:41 - Looking for Opportunities - Where's the Bottom? 9:13 - The Microsoft Story - A Better Trim 11:37 - Event Tease 12:52 - Coffee on Weekends 13:55 - Fed Meeting Result: Rather Boring 14:46 - Kevin Warsh's Strategy Comments 17:37 - The Fed Whisperer is Back 18:38 - Always Looking for More Data... 20:27- Hiking Rates into Oil Price Spike 23:15 - Stagnant Job Market & Inflation Ex-Oil 25:21 - The Chip Production/Demand Puzzle 26:32 - Earnings Review: Microsoft vs Google 28:36 - Traditional Internet Ad Revenue & AI 29:15 - Traditional Google vs Gemini 31:35 - Competition for best AI platform 32:46 - Michael's Ribs 33:30 - El i Lilly & Amazon & S&P 500: Earnings Season Outlook 37:48 - Mid-Term Elections: What was the market expecting? 39:09 - Value/Growth Rotation: Is it about to turn? 43:23 - The Stealth Bear Market 45:20 - Two Ways for Market to Get Back to 200-DMA 47:19 - Event Tease* ==== Hosted by RIA Advisors' Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manager, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/SZDWPu77aQc -------- Watch our previous show, "Q&A Wednesday: What's the Next Move?" https://youtube.com/live/mUo403CZ9V4 ------- Watch Today's "Before the Bell" report, "Google Sells Off: Buy Now or Wait?" https://youtu.be/a9_ZPPeUlZg ------- * REGISTER for our next in-person event, "Retirement Blueprint: 12 Steps to a Financially Savvy & Secure Retirement," Saturday, November 7: https://realinvestmentadvice.com/resources/events/ ------- Articles Mentioned in Today's Show: "The Fed Risks Policy Error Fighting Oil Prices" https://realinvestmentadvice.com/resources/blog/the-fed-risks-policy-error-fighting-oil-prices/ "A Stealth Bear Market Hides Beneath A Flat S&P 500" https://realinvestmentadvice.com/resources/blog/a-stealth-bear-market-hides-beneath-a-flat-sp-500/ -------- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ ------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor : https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #GOOGL #MSFT #StockMarket #EarningsSeason #PortfolioManagement #FederalReserve #InterestRates #Inflation #FedPolicy