Low inflation at 1.5 percent in August, comfortably inside the Bank of Israel’s 1–3 percent target, combined with three prior 25-basis-point cuts this year that brought the policy rate to 3.25 percent, underpins the market’s strong consensus for no change at the October 21 decision. Recent data show inflation expectations anchored near the target midpoint, shekel appreciation easing imported price pressures, and growth described as reasonable rather than robust, giving policymakers room to pause and assess the impact of prior easing. The committee has repeatedly stated that the path ahead depends on incoming inflation prints, economic activity, geopolitical developments, and fiscal trends. A hotter-than-expected CPI release before the meeting or renewed external shocks could reopen the door to another cut, while persistent weakness in price pressures might support further easing later in the year.