CME Group FedWatch shows that markets are now pricing a 71.4% probability of a 25 bps rate hike in December compared to 74.6% seen yesterday. As widely expected, the FOMC decided to leave its benchmark interest rate unchanged at the target range of 2% - 2.25%. In the policy statement, the FOMC said that the labour market has continued to strengthen and that the economic activity has been rising at a robust rate.
"In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective," the FOMC reiterated.
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