Before the CPI release, the probability of a Fed rate hike in December was 100%.

Ahead of the U.S. October CPI release, CME FedWatch shows markets pricing a 0% chance the Federal Reserve holds rates steady in December, with a 98.9% probability of a 25 basis-point hike and a 1.1% chance of a cumulative 50 basis-point increase. For the January meeting, the odds of no change are also 0%, while a cumulative 25 basis-point hike is priced at 64.9% and a 50 basis-point rise at 34.8%. The pricing implies traders see a December increase as effectively certain and are leaning toward a slower pace of tightening into early next year. The CPI print is the next key input that could shift those odds.