Fed on hike watch: what the jobs report and next week’s CPI mean for your cash, bonds and mortgage before 9 December
The Federal Reserve raised rates in September, held in October with two officials wanting another rise, and meets again on 8 and 9 December. Friday's stronger jobs report and the October inflation figures due on Tuesday 10 November will shape that decision. This report sets out, with worked numbers, what is at stake for savers, bond holders and mortgage borrowers, and the dates to watch.
For most of the past two years, Americans were told rates would only come down. That has changed. The Federal Reserve lifted its target range by a quarter point in September, to 3.75 to 4 per cent. At its October meeting it held, but two of the 12 voting members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, voted for another rise. The minutes of the September meeting say most officials thought a further increase “would likely be appropriate by year end”.
There are two big data releases and one decision between now and Christmas: October’s jobs report, out on Friday, the October consumer price index (CPI) at 8.30am ET on Tuesday 10 November (9.30pm AWST), and the Fed’s final meeting of 2026 on 8 and 9 December. This report explains what each one means for the money you hold in the bank, the bonds or bond funds you own, and the mortgage you have or want, with worked examples and a checklist of what to look at before 9 December.
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