The September 2026 FOMC meeting's unanimous 25 basis point hike to the 3.75–4.00% target range, paired with an upward-revised SEP showing a 4.1% median year-end funds rate, anchors trader expectations for further tightening. Elevated inflation projections—core PCE at 3.4% and headline at 3.7% for 2026—alongside resilient growth and a 4.1% unemployment rate have reinforced the view that multiple additional hikes remain likely before year-end. Market-implied odds favor sequences with repeated 25 basis point moves, reflecting the gap between current policy and the Fed's 2% target amid solid economic data. Key catalysts ahead include the October and December meetings, where incoming CPI, employment, and PCE releases will shape whether the path tilts toward sustained hikes or a pause.