According to CNBC, economists projected at the start of the year that the Federal Reserve could lower rates as inflation eased, but the central bank raised rates by 25 basis points in September for the first time since 2023 as inflation reemerged. October inflation was 0.4% month over month, above the 0.3% forecast, while core CPI rose 0.3%, compared with a 0.2% forecast. Nearly 88% of traders expect another 25-basis-point hike next month, according to the CME FedWatch tool. Fed Governor Christopher Waller said a hot inflation report could lead him to support a half-point increase in December if core CPI were around 0.3%.