The Fed held off on a rate hike. Today’s GDP and inflation reports could make waiting harder.

The Federal Reserve opted to hold rates steady at its latest meeting, but the economic data due this morning could test that patience. The GDP and inflation reports are scheduled for release together at 8:30 a.m. Eastern time, an unusual pairing that gives markets a simultaneous read on both growth and price pressures—the two variables at the heart of the Fed's rate decision.

The market relevance lies in what the numbers imply for December. Robust growth alongside stubborn inflation would strengthen the case for a rate increase at the year-end meeting, while softer readings on either front could support the case for waiting longer. Because both reports land at once, investors may see sharper moves in rate-sensitive assets than a single release would typically produce.

What to watch: whether growth proves strong enough, and inflation persistent enough, to shift the balance of expectations toward a December hike. The Fed has signaled data-dependence, so these figures carry outsized weight in framing the policy debate over the coming weeks.