How Will Higher-than-Expected Inflation Data Impact the Fed's Next Rate Decisions?

While a smaller hike remains more likely, October’s hotter-than-expected inflation data may open the door to a 50-basis point rate hike at the Fed’s December meeting, says Muhammad Qubbaj, co-head of North America Interest Rate Product Sales and Trading in Goldman Sachs FICC and Equities. A recent drop in oil prices is unlikely to give the Fed cover to look past the CPI number without becoming more aggressive in the inflation fight, Qubbaj says on this episode of The Markets podcast. He also explains why his base case is for the 10-Year Treasury yield to remain below recent highs. 
 
This episode was recorded on November 12, 2026. 

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