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Fed Board of Governors member Christopher Waller said that inflation in the US remains too high and further rate hikes are still necessary. At the same time, new steps may come with pauses, rather than at every consecutive meeting.
The minutes of the September FOMC meeting showed that most participants consider another rate hike by the end of 2026 appropriate. At the same time, the market reaction was limited, as such a scenario had already been priced into the Fed's September projections.
According to CME FedWatch, market participants estimate the probability of a Fed rate hike at the October 28 meeting at above 70%. The case is historically exceptional: in October before US elections, the Fed has never once raised rates.
