Tonight’s Fed decision isn’t really about whether rates go up—it’s about how many more hikes may still be ahead!

Markets largely expect the Fed to hold steady this time, but inflation hasn’t been brought under control. September’s CPI remains stubborn, and markets are even betting on another hike in December.

What really matters this time is whether Warsh strikes a hawkish tone. If he says the Fed is pausing but hints that more tightening is still to come, the markets may not buy it.

The biggest worry isn’t that rates stay unchanged—it’s thinking you can finally catch your breath, only to be told: Don’t get ahead of yourself; more hikes are still coming.

Watch the Fed’s remarks closely tonight—don’t focus only on the decision!