# Bitcoin (BTC) Macro Backdrop Includes Unanimous December Fed Hike Forecast By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/37456 Published: 2026-10-22T04:28:25.000Z Updated: 2026-10-22T04:28:25.000Z Section: Investing > The Fed has not decided on Oct. 27-28. September consumer prices rose 3.7% year over year, with gasoline prices up 34.2%. Elevated U.S. inflation and a unanimous economist forecast for a December Fed rate increase provide context for Bitcoin (BTC) markets as the central bank’s October decision remains pending. In a survey conducted Oct. 16-20, 94 of 100 economists expected the Federal Reserve to keep its target range at 3.75%-4.00% at its Oct. 27-28 meeting. All 100 forecast a rate increase in December. The results add to [earlier coverage of the October hold and December hike outlook](), but remain economists’ expectations rather than a policy decision. The Fed raised its target range by 0.25 percentage point in September, in a 12-0 vote, to its current level. Its next scheduled meetings are Oct. 27-28 and Dec. 8-9. Inflation figures for September show consumer prices up 3.7% from a year earlier. Prices excluding food and energy rose 2.6%, while the energy index increased 20.4%. Gasoline prices climbed 34.2% over the same 12-month period. The survey also asked economists where they expected the federal funds rate to peak. Nearly 60% of those who answered saw a peak of 4.00%-4.25%, and 38 of 92 expected at least two more increases. Michael Gapen, Morgan Stanley’s chief U.S. economist, said, “The risks are in the direction of a Fed that ultimately needs to hike rates more than we expect.” The survey and inflation data describe the policy backdrop for Bitcoin; they do not establish a specific price response or confirm what the Fed will do. The October meeting is next, with the December meeting scheduled for Dec. 8-9. ## Links in this article - [earlier coverage of the October hold and December hike outlook](https://www.tokenpost.com/news/investing/35956)