The Bank of Israel’s September 1 cut to 3.25 percent marked the third consecutive 25-basis-point reduction, leaving inflation near 1.5 percent and comfortably below the target midpoint. With the next decision scheduled for October 21, traders see limited scope for further easing after that sequence, reinforced by one Monetary Committee member’s dissent in September and emerging hawkish signals from the Federal Reserve and other major central banks amid energy-price pressures. Yield differentials versus U.S. Treasuries and shekel stability add caution against another move that could widen gaps or pressure the currency. A pause therefore commands 93.5 percent implied probability. Only a sharp inflation undershoot or clear improvement in the security environment would realistically reopen the door to an October reduction.