Recent softer-than-expected September employment data and milder inflation readings have driven the 83.5% market-implied probability of no change at the October 27-28 FOMC meeting. Payroll gains came in well below forecasts at 29,000 while core PCE showed limited progress toward the 2% target, prompting traders to price only a 16.5% chance of a 25-basis-point hike. Fed minutes from the September meeting, which featured a unanimous quarter-point increase to the 3.75%-4.00% range, noted that most officials viewed another hike as likely by year-end on inflation risks, yet left the October decision data-dependent. Stable labor market conditions and elevated but cooling price pressures support the current trader consensus for a pause ahead of the December meeting.