Recent inflation readings remaining above the Fed’s 2% target, combined with the September 16 decision to raise the federal funds rate 25 basis points to the 3.75-4.00% range, have shifted trader focus toward another tightening move at the October 27-28 FOMC meeting. Policymakers’ updated projections showed a majority expecting at least one additional increase by year-end, reinforcing the case for further action to address stalled disinflation. Market-implied odds currently price a roughly 50-65% probability of a 25-basis-point hike in October versus a hold, with the next CPI and employment reports serving as key swing factors before the decision.