The ‘FedWatch’ tool is based on the probabilities of changes to the Fed Funds rate and U.S. monetary policy, as implied by 30-Day Fed Funds futures pricing data.
Despite skyrocketing PPI and higher-than-expected CPI data this week the pricing for November remains firmly on hold:
However, pricing has crept up for the chance of a rate hike at the Christmas meeting (well, December 13):