The rate of inflation rose in October and moved further away from the Federal Reserve’s 2% goal, confirming a recent uptick in prices that could cajole the central bank to cut interest rates less aggressively.

The last two Fed meetings resulted in rate cuts. Short-term CD rates have continued to lower, but some long-term CD rates are rising back up again.

The Federal Reserve cut interest rates at its last two meetings–and the odds are shifting in favor of it making it a hat-trick next month. Traders think there's a 67% chance the central bank slashes borrowing costs by 25 basis points and just a 33% chance it stands pat on Dec.