Recent inflation data and the Federal Open Market Committee's September 2026 Summary of Economic Projections have shifted trader focus toward the October 27-28 meeting. The Fed raised the target range to 3.75-4.00 percent in September, with the median dot plot now at 4.1 percent for year-end, signaling one additional 25-basis-point move. August CPI rose 3.4 percent year-over-year and core 2.4 percent, while PCE inflation projections reached 3.7 percent; unemployment held at 4.1 percent amid steady payroll gains. Markets currently price roughly even odds for an October hike versus no change, with the next CPI release on October 14 and employment data as key swing factors before the decision.