The September FOMC meeting is behind us, but the market is already looking toward the next policy decision.

The Fed raised rates by 25 bps to 3.75%–4.00%, while its latest projections put the median 2026 year-end rate at 4.1%.

Now the focus shifts to the data.

Inflation, employment, energy prices and future Fed communication could all shape expectations for the next move.

The rate decision is done. The next phase is about watching the signals.