CME FedWatch data shows a 98.9% probability that the Federal Reserve will deliver a 25 basis point rate hike in December, with just 1.1% odds of a cumulative 50 basis point move — leaving zero chance of rates staying unchanged. The outlook comes ahead of the release of U.S. October inflation data. Looking further out, markets assign a 64.9% probability of a cumulative 25 basis point hike through January next year and a 34.8% chance of a 50 basis point increase over the same period, again with no expectation of the Fed holding steady.