Russell Investments warns that if the US October CPI comes in slightly above expectations, it could prompt the Federal Reserve to raise interest rates in December. BeiChen Lin, a strategist at Russell Investments, stated that given strong employment data and economic resilience, the Fed has a low tolerance for persistent inflation; therefore, if Tuesday's US CPI report shows a slight upward surprise, it could solidify a Fed rate hike in December. Current market pricing indicates that the probability of a 25-basis-point rate hike by the Fed on December 9 has risen to 84.5%, up from 76.3% the previous day.