After the release of PCE data, CME FedWatch showed a 52.9% probability that the Federal Reserve will leave interest rates unchanged at its October meeting. The market-based tool assigned a 47.1% chance to a cumulative 25-basis-point rate hike during the same period. Expectations for December were more hawkish: markets priced only a 10% probability that rates would remain unchanged through year-end, alongside a 51.8% chance of a cumulative 25-basis-point increase and a 38.2% probability of a cumulative 50-basis-point increase.