The Federal Reserve is expected to maintain interest rates this Wednesday, according to Nick Timiraos. However, given the hot CPI and PPI data for September, the debate over whether to hike rates is more intense than market-implied probabilities suggest. Arguments for a rate hike contend that the decline in inflation has been thwarted for the second consecutive year, that a December rate hike is widely anticipated, and that waiting six weeks would incur a greater cost, arguing that current policy is not sufficiently restrictive. Arguments against a rate hike suggest that if officials still view this as a recalibration of 2-3 hikes, then extending the interval between hikes would not be costly; continuous hikes could signal a faster tightening than officials intend; and after several officials hinted at no rush to hike and Chairman Kevin Warsh remained silent, increasing the likelihood of holding steady, an unexpected hike just days before the midterm elections would be a shock.