According to CoinMeta, Steven Witting, co-founder of institutions cio and group, stated that if the Federal Reserve waits until December to raise interest rates, it will only “prolong our suffering.” The federal funds rate futures market generally expects the Fed to keep interest rates unchanged tonight and raise them in December. Tools from the CME Group (CME) show that traders believe the probability of the Fed raising rates by 25 basis points tonight is only about 7%. However, Witting said that after Fed Chairman Jerome Powell has signaled that inflation is still too high, Fed policymakers may not wait any longer. He believes that raising rates now “might be better” than waiting until December. Witting said, “I’m not predicting that the Fed will take action today, but the probability that they will act suddenly and surprise the market is higher than 7%.”