The September 2026 FOMC meeting, where the Fed hiked the federal funds rate 25 basis points to 3.75-4% amid persistent inflation, has shifted trader sentiment sharply against near-term cuts for the "Fed rate cut by...?" market. The updated Summary of Economic Projections raised the median year-end 2026 rate forecast to 4.1%, with core PCE inflation projected at 3.4% and unemployment at 4.1%, reflecting stronger growth and upside inflation risks. CME Fed funds futures now price an 88% chance of at least one additional hike this year. Key upcoming catalysts include the October 27-28 meeting and fresh CPI, PCE, and employment data that could alter the higher-for-longer path.