Despite the fanfare surrounding the event, the latest FOMC decision came as little surprise to market participants. The decision was not unanimous, with Fed President’s Esther George and Loretta Mester opting to dissent once more. However, there were some small changes and hints that have set the stage for December action. According to Fed Funds future, the likelihood of a December rate hike now stands at 71.50%, echoing the Fed’s comments that the case for a rate hike has strengthened. The one change in the language of the statement pertained to inflation. The Fed adjusted the statement to reflect that “inflation is expected to rise to 2.00% over the medium term,” adding to the case for action on policy. The reaction to the FOMC decision was significant, with equity futures plunging and the S&P 500 closing below 2100 for the first time since July.