The FOMC minutes will be scrutinized for how firmly officials backed further rate hikes after September’s unanimous 25bp increase. October hike odds have fallen to around 20% from 55% after softer inflation and payroll data, but September’s dot plot showed 14 of 18 officials still expected another 25–50bp of tightening by end-2027. Key focus will be whether officials view current policy as sufficiently restrictive and how quickly they expect further hikes.