Recent hotter-than-expected September CPI data, showing a 0.6% monthly rise and 3.7% annual increase with core at 2.6%, has lifted market-implied odds of a Federal Reserve rate hike at the October 27-28 FOMC meeting to around 45%, up from prior levels near 22%. The effective federal funds rate stands near 3.88% within the 3.75-4.00% target range established after the September 25-basis-point hike. FOMC minutes indicate most participants expect at least one additional increase by year-end to address persistent inflation above the 2% goal, amid a 4.2% unemployment rate and solid labor conditions. Traders are closely watching the October jobs report and PCE release for shifts in the rate path ahead of the December meeting.