Trader sentiment, reflected in Polymarket's implied probabilities, positions a 25 basis point Federal Reserve rate increase as the dominant December outcome at 79.5%. This consensus stems from persistent inflation above the 2% target and a resilient labor market, with recent data releases underscoring limited scope for policy easing. The 17.5% odds for no change incorporate uncertainty around moderating growth signals, while probabilities below 1% for cuts or larger hikes highlight limited expectations for aggressive shifts. Market-implied rate paths remain anchored to upcoming November CPI and employment reports, which could adjust FOMC expectations before the December meeting.