Recent labor market softening and comments from senior Fed officials have anchored trader expectations for no change at the October 27-28 FOMC meeting. Following the September 25 basis point hike to the 3.75-4.00 percent target range, New York Fed President Williams and Vice Chair Jefferson signaled no urgency for consecutive tightening, citing the need for additional data. A softer September jobs report reinforced this view, shifting futures pricing to roughly an 18 percent chance of a hike. Persistent inflation above the 2 percent target and the upcoming September CPI release remain key swing factors, while the Summary of Economic Projections shows most participants still anticipate at least one more increase by year-end.