Recent U.S. CPI data show inflation reaccelerating to 3.7% year-over-year in September 2026, with October and November nowcasts pointing toward 3.7–4.15% amid elevated energy prices from geopolitical supply disruptions, tariff effects, and AI-driven demand for electronics. Core measures remain sticky near 2.6–3.3%, supported by resilient consumer spending, strong GDP growth above 3% annualized in recent quarters, and a labor market where job gains match workforce expansion. The Federal Reserve held the federal funds target range at 3.75–4% in late October, with two dissents favoring a hike and language emphasizing further data before easing. Traders are watching the November 10 CPI release and December FOMC meeting for signals on whether 2026 peaks exceed 4% or moderate toward the 2% target.