Persistent inflation and resilient economic growth are anchoring trader sentiment toward additional Fed tightening through year-end, with market-implied odds heavily favoring a Hike–Pause–Hike sequence at 77%. September’s CPI print showed headline inflation at 3.7% year-over-year and core rising 0.3% month-over-month, while Q3 GDP expanded at a 3.4% annualized pace; both figures exceeded expectations and reinforced the view that price pressures remain broad-based amid elevated energy costs. The October 28 FOMC decision to hold the federal funds rate at 3.75–4.00%—with two dissents for a hike—followed the September 25-basis-point increase and left the door open for further action, consistent with the median September dot plot projecting 4.1% by December. Upcoming catalysts, including the October employment report and November CPI release, will shape whether the December 8–9 meeting delivers the next 25-basis-point move priced in futures at roughly 80%.