Recent September CPI data showing a 0.6% monthly rise and 3.7% annual increase, alongside core measures at 2.6% year-over-year, have reinforced trader focus on persistent inflation above the Fed’s 2% target. Combined with resilient economic growth upgraded to a “strong pace” and solid labor market readings, these factors underpin the 70.5% implied probability of a 25 basis point hike at the December 8-9 FOMC meeting. The October hold at 3.75%-4.00%, with two dissents favoring immediate tightening, left markets awaiting further evidence before the next policy step. November CPI and employment reports due before year-end will serve as key inputs shaping the final consensus.