Recent cuts have brought the Bank of Israel policy rate to 3.25 percent after the September decision, driven by inflation holding at 1.5 percent—below the target midpoint—and expectations remaining anchored near 2 percent. Traders price an 85.5 percent chance of no change on October 21 largely because the Monetary Committee has signaled it will monitor the effects of prior easing, economic activity excluding overseas production, and geopolitical developments before adjusting further. The upcoming national elections add a layer of uncertainty, though the bank has emphasized data dependence over political timing. Limited odds for a decrease or increase reflect forecasts that the terminal rate may stabilize around 3 percent, with most analysts expecting a pause through year-end absent new inflation surprises.