Recent inflation readings, including August CPI at 3.4% year-over-year with core at 2.4%, combined with a resilient labor market and solid growth, have shifted trader focus toward further Fed tightening rather than near-term rate cuts. The FOMC raised the federal funds target range to 3.75%-4.00% in September and signaled in minutes that most officials expect at least one additional 25-basis-point hike by year-end. Markets now price a high probability of a hold at the October 27-28 meeting, with the next potential move likely in December if data remain firm. The October 14 CPI release and subsequent labor figures will provide key inputs ahead of that decision, while officials have emphasized data dependence and flexibility on timing.