Persistent inflation above the Federal Reserve’s 2% target, combined with a resilient economy and solid labor market conditions, continues to anchor trader expectations for no rate cut at the October 27-28 FOMC meeting. The federal funds rate stands at the 3.75%-4.00% range following the unanimous 25 basis point hike in September. Market-implied odds heavily favor a hold at the upcoming decision, with December now seen as the next likely policy move amid recent soft payrolls data that reduced near-term hike probabilities. Key upcoming catalysts include the October CPI release and the December FOMC meeting, where trader consensus reflects ongoing caution over inflation trajectories rather than easing.