Federal Reserve rate markets underwent a coordinated shift toward hawkish expectations, with multiple instruments pricing significantly higher rates by April 2027. The market now implies 42¢ odds of rates above 4.00%, up from just 10¢. Recent inflation data showed core CPI holding steady at 2.6%, above the Fed's 2% target, while wholesale prices jumped 3% in November. This hawkish repricing spans the entire rate structure, with odds above 3.75% jumping 30¢ overnight. Fed Governor Stephen Miran's recent speech warning that "rates may be tighter than necessary" appears to be falling on deaf ears as traders price in persistent inflation pressures. The coordinated move across multiple rate strikes suggests institutional money is positioning for a more aggressive Fed stance through 2027.