The Federal Reserve may hold interest rates steady in October, with markets putting the odds of a hike at just 15%. But rising inflation and higher oil prices could push it to raise rates again in December. As a result, markets now see an 89% chance of a 25-basis-point December hike, which would lift the Fed’s benchmark rate to 4.00%–4.25%. The U.S. Federal Reserve raised its benchmark interest rate by 25 basis points in September, taking the target range to 3.75%–4.00%. It was the first rate hike in more than three years. After the September increase, investors expected another hike in October. Perhaps after New York Fed President John Williams said there was no urgency to raise rates again immediately, as we have time to gather more information.
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