**Persistent inflation pressures and the Reserve Bank of Australia's September 29 decision to raise the cash rate target by 25 basis points to 4.60% form the core driver of current trader positioning for the November 3 meeting.** Recent stronger-than-expected CPI prints, elevated global energy prices tied to the Middle East conflict, and AI-driven demand for technology goods have reinforced the RBA's hawkish tilt, with the Board noting materializing upside risks and committing to further tightening if needed. Labor market conditions have eased modestly while domestic capacity constraints persist, leaving markets to weigh the odds of an additional 25 basis point hike against a hold once the September-quarter CPI releases on October 28. Bank forecasts remain divided, with some pricing one more increase by year-end while others see the tightening cycle largely complete, underscoring how incoming data on inflation and growth will shape the November outcome.