Strong October employment data showing 165,000 jobs added and unemployment at 4.1%, alongside persistently elevated inflation with September CPI at 3.7% year-over-year, have reinforced expectations for further monetary policy tightening. The FOMC held rates at the 3.75-4% range in late October with two dissents favoring an immediate 25-basis-point increase, citing the need for more information to ensure inflation returns to the 2% target. This backdrop has driven the 76.5% market-implied probability of a December 25-basis-point hike at the December 8-9 meeting, reflecting trader consensus that resilient growth and price pressures warrant additional tightening over the low odds of no change or cuts. The upcoming November CPI release remains a key near-term catalyst.