Could there be a dramatic reversal in the October rate hike decision? The probability of a rate hike on the CME platform has dropped from 50% after last night's CPI data release to 27.1%. This might be related to statements from several Fed officials saying they're not in a hurry to raise rates and need to observe more data. Personally, I guess the Fed is also afraid of crashing the U.S. stock market. If they manage to control inflation but cause a stock market crash, the consequences would be unbearable.