The Federal Reserve held its target range steady at 3.75%-4.00% following the October 28, 2026 FOMC meeting amid elevated inflation, with the September CPI rising 3.7% year-over-year and 0.6% month-over-month. Strong economic growth, robust productivity, and resilient domestic spending have shifted market-implied odds heavily toward additional tightening, including an approximately 80% probability of a 25-basis-point hike at the December 8-9 meeting per futures pricing. Two FOMC members dissented in favor of an immediate hike, underscoring concerns that policy remains insufficiently restrictive. The next CPI release on November 10 and December projections will provide key data points that could further influence the path of monetary policy expectations.