The Federal Reserve's October 28 decision to hold the federal funds rate steady at 3.75%-4.00% reflects persistent inflation at 3.7% year-over-year CPI for September alongside 4.2% unemployment and upgraded "strong" GDP growth. Two FOMC dissents favored a 25-basis-point hike, underscoring data dependence after the September tightening. Markets price roughly 70-80% odds of another hike at the December 8-9 meeting, with near-100% probability of no cuts through year-end as energy prices and broad price pressures remain elevated. Key upcoming catalysts include December CPI, Q3 GDP revisions, and labor data that could shift the implied policy path versus the September dot plot's 4.1% median endpoint.