Weak September jobs data showing just 29,000 payroll gains alongside cooler August PCE inflation at 3.4% headline and 3% core have reduced market-implied odds of a Federal Reserve rate hike at the October 27-28 FOMC meeting to around 15-20%. Officials including New York Fed President Williams have emphasized the need for more data before further tightening from the current 3.75-4% target range, following the September 25-basis-point increase. Traders now price higher odds of a December move if inflation remains elevated, with the next CPI release on October 14 and FOMC minutes on October 7 serving as key near-term catalysts shaping policy expectations.