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:
![fed watch November 2023 13 October](https://images.forexlive.com/images/fed%20watch%20November%202023%2013%20October_id_c90c2ab0-2731-4419-bf7a-30273cf631b6_size900.jpg)
However, pricing has crept up for the chance of a rate hike at the Christmas meeting (well, December 13):
![fed watch December 2023 13 October](https://images.forexlive.com/images/fed%20watch%20December%202023%2013%20October_id_ac87ca8a-5f61-4118-b274-1cd791802c04_size900.jpg)