**Persistent inflation near 3% core PCE and a stable labor market around 4.1% unemployment continue to anchor expectations for the January 2027 FOMC meeting.** Recent Fed communications, including remarks from Governor Waller and President Hammack, emphasize the need for additional tightening to return inflation to the 2% target while noting flexibility on timing and an open stance ahead of the October and December 2026 decisions. The September 2026 unanimous 25 basis point hike and updated dot plot—showing most participants favoring one more increase by year-end—have narrowed policy divergences among voters. This backdrop supports the market-implied 56.5% probability of zero dissents, with limited scope for coordinated opposition unless incoming data sharply alters the inflation or employment trajectory. The December SEP will provide key signals on the path into January.