They decided to not vote on rates in October, but they moved up the December meeting to November.

https://www.cnbc.com/2026/11/12/in-policy-switch-fed-says-it...

Impacts short term rates, bond market controls longer term rates (10Y-30Y). Bond market prices in inflation forecasts regardless of what the Fed does from a pricing and yield optimization perspective, so inflation data reporting goes directly into bond market movements.