US inflation eats wages, market prices 69% odds of Fed rate hike in December

The US employment cost index rose 0.8% quarter-on-quarter in Q3, in line with forecasts. After accounting for PCE inflation (3.6% year-on-year), Americans' real wages fell 0.6% over the year. The Fed held rates at 3.75–4.00%, but the market prices a 68.7% chance of a 25 basis point hike in December. The dollar trades at 3.9251 zloty against the Polish currency, near its highest level since March.