Federal Reserve officials’ support for another rate hike signals persistent concern about inflation and suggests monetary policy may remain restrictive. Markets pricing in three additional hikes could increase Treasury yields, strengthen the US dollar and pressure equities, particularly high-valuation growth stocks. September CPI, expected at 3.6%, is pivotal: a higher reading may reinforce tightening expectations, while a softer result could ease rate pressure. As the final inflation report before the October 27–28 meeting, CPI may significantly influence market positioning and volatility, although employment data and other economic indicators will also shape the Fed’s decision.