Persistent inflation readings and resilient economic growth have positioned a December hike followed by another in January as the leading market-implied path for the Federal Reserve, with a 56% probability. October CPI rose 0.4% month-over-month, exceeding expectations and pushing core measures higher, while third-quarter GDP growth strengthened and the labor market remained near full employment with unemployment at 4.1-4.2%. FOMC participants, including Governor Waller, have signaled support for at least a 25-basis-point increase at the December 9 meeting to address broadening price pressures, contrasting with the October pause at the 3.75-4.00% target range. Traders' real-money consensus reflects these data and communications ahead of the January 2027 meeting.