The Fed Just Hiked. Now Wall Street Is Betting on the Next One

The Fed has barely finished its latest rate hike, and Wall Street is already asking the next question: When will it hike again?

The answer is getting more interesting — and more divided.

Goldman Sachs has turned more hawkish, now expecting the Fed to deliver another 25-basis-point hike in October, after previously seeing September as a one-off move. Goldman believes the Fed’s latest guidance points to a faster return to its 2% inflation target.

Bank of America is also on the hawkish side, expecting another hike in both October and December. Meanwhile, Société Générale sees a potentially longer tightening path, with another hike in December and a further move in March 2027.

But not everyone is rushing to call for an October hike.

JPMorgan expects the next increase to come in December, while some analysts think the Fed could pause in October and wait for more inflation and labor-market data.

And that is where the story gets interesting.

The Fed has already raised rates to 3.75%–4.00%, but policymakers are still signaling that another hike could be needed this year. At the same time, markets are trying to figure out whether this is the beginning of a genuine tightening cycle — or simply a couple of additional moves to keep

inflation under control.

For traders, the calendar suddenly matters a lot.

October could be the next big test. December could be the next trigger.

And if inflation refuses to cool, the Fed may have even more work to do.

The rate-hike story clearly isn't over yet. Wall Street is already placing its bets on the next move.