* Today the possibility of a Fed rate hike in December rose about 10 points

* We're now at about an 80% probability, at least the way the markets assess the odds

* That the Fed will raise rates in December after failing to raise rates today

* If you remember, after they didn't raise rates last time there was some probability of a November rate hike

* But by this morning, the probability of November had pretty much been reduced to about zero

* With everybody believing that the Fed would raise rates in December

* And now, as a result of their failure to hike in November

* The probability apparently is now higher based on the language of their non-hike

* This, despite the fact that there were only 2 dissenters when the Fed didn't raise interest rates the last time they met

* Three members voted to hike and six voted not to hike

* This time it was 7 to 2 in favor of not hiking

* So what happened between meetings that caused the one guy who wanted to hike rates last time to decide he doesn't want to hike rates now?

* Is it possible that some data came out over the course of those weeks that caused him to re-assess his feelings about the strength of the economy

* And if so, why is that member going to flip back to "hike" in December, after just flipping to "no hike"

* Is it pure politics?




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