Recent September CPI data showing a 3.7% year-over-year rise, driven by energy prices amid Middle East tensions, alongside the FOMC’s September hike to the 3.75-4% target range and updated SEP median of 4.1% for year-end 2026, have anchored trader consensus around the Hike–Pause–Hike path at 69.5% implied probability. Minutes from that meeting reinforced expectations for one additional increase by December, while a Reuters poll of economists shows 94% anticipating a hold at the late-October meeting near midterms before a December move. Hotter core readings and upward revisions to PCE forecasts have elevated December hike odds above 90% in futures markets, though the October decision remains more contested at roughly even money in some pricing. The December SEP release and intervening labor and inflation prints represent key catalysts that could shift these aggregates before year-end resolution.