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September’s CPI was at 8.2%. The probability of a smaller rate hike, 50 bps, is likely in December FOMC meeting. Also lay-offs among large companies are taken place as business slows, that reduces the upward pressure on labor cost (service cost) and inflation.Consumer prices rose 7.7 percent in the year through October, slower than economists anticipated. Stocks jumped at the sign that the Federal Reserve’s campaign to tame inflation was taking effect.