Recent weak September jobs data showing just 29,000 payroll gains and decelerating wage growth, combined with comments from Fed Vice Chair Jefferson and New York Fed President Williams emphasizing the need for more information before further action, have positioned a pause at the October 27-28 FOMC meeting as the consensus path while sustaining expectations for a December hike. The September 16 rate increase of 25 basis points to the 3.75-4.00% target range addressed elevated inflation near 3.7%, with solid economic growth and a still-resilient labor market supporting the market-implied sequence of hike-pause-hike at 59.5% odds. Traders continue to monitor upcoming CPI and employment releases ahead of the December 8-9 meeting, where the Summary of Economic Projections will provide updated official guidance on the policy rate path.