The markets are now pricing a 97.7% probability of a Fed rate hike in December, according to the CME Group FedWatch Tool. Following its two-day meeting, the Federal Reserve decided to keep the federal funds rate at its current target range of 1.00% - 1.25%. In its statement, the Committee didn't provide any significant changes when compared to the September meeting. The FOMC reiterated that the labor market was continuing to strengthen while the economic activity was expanding at a solid pace.
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