# [SMM Macro Analysis] FOMC Holds Rates, Hawkish Tone Weighs on Precious Metals Amid Geopolitical Tensions - Shanghai Metals Market (SMM)

> The Fed held rates at 3.75%-4.00% with a 10-2 vote, Governor Cook and Hammack dissenting in favour of a hike. The statement said inflation remains elevated, and markets price a high probability of further hikes in December and January.

- Date: 2026-10-29 · published 2026-10-29T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/17040-smm-macro-analysis-fomc-holds-rates-hawkish-tone-weighs-on-precious-metals-amid
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A hawkish Fed strengthens the dollar and raises financing costs, which pressures precious metals and dollar-denominated commodities. Higher rates also dampen demand growth that supports feed-grain and oilseed pricing.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-06-19 | [On the macro front, the US Fed maintained interest rates unchanged as - Shanghai Metals Market (SMM)](https://feedsoft.ai/events/24114-on-the-macro-front-the-us-fed-maintained-interest-rates-unchanged-as-shanghai.md) | -0.9% | -0.3% |
| DXY | 2021-06-17 | [Global Markets: Tech shares buck trend as hawkish Fed weighs on global stock markets \| Reuters](https://feedsoft.ai/events/46776-global-markets-tech-shares-buck-trend-as-hawkish-fed-weighs-on-global-stock.md) | +1.1% | +1.7% |
| DXY | 2018-09-26 | [Overnight Financial data Review: the United States announced that interest rate increases in the US dollar have been supported by the rise and fall of the internal and external markets. - Shanghai Metals Market (SMM)](https://feedsoft.ai/events/62958-overnight-financial-data-review-the-united-states-announced-that-interest-rate.md) | +0.2% | +1.5% |
| DXY | 2022-09-26 | [Commodity prices down last week amid hawkish monetary policies, recession fears](https://feedsoft.ai/events/11907-commodity-prices-down-last-week-amid-hawkish-monetary-policies-recession-fears.md) | +0.2% | +0.6% |
| DXY | 2026-03-30 | [Ringgit, regional currencies end lower vs US dollar as geopolitical tensions persist \| Malay Mail](https://feedsoft.ai/events/20414-ringgit-regional-currencies-end-lower-vs-us-dollar-as-geopolitical-tensions.md) | -0.2% | -1.8% |

## Sources

- news.metal.com: https://news.metal.com/newscontent/104186486-smm-macro-analysis-fomc-holds-rates-hawkish-tone-weighs-on-precious-metals-amid-geopolitical-tensions

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.