Recent softer-than-expected inflation and employment readings have anchored trader consensus around no change at the October 27-28 FOMC meeting, with market-implied odds at 83.5%. The Fed lifted the federal funds target to the 3.75-4.00% range in September amid persistent core PCE near 3.4% and upside risks to inflation, with 16 of 18 officials projecting at least one additional 25-basis-point hike by year-end. However, moderating price pressures and labor-market cooling have prompted a more data-dependent stance, shifting the near-term path toward a possible December move. The upcoming September CPI release and incoming labor data remain key swing factors ahead of the decision.