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

The Federal Reserve chose not to raise interest rates at its latest meeting, keeping its benchmark rate unchanged. That decision now faces a fresh test: GDP and inflation figures are scheduled for release together at 8:30 a.m. Eastern time, and they arrive with unusual weight because they speak to both sides of the Fed's mandate—growth and price stability.

The market relevance lies in the combination. Strong economic growth on its own is generally welcome, but paired with persistent inflation it can shift the policy debate. Together, such readings could strengthen the case for an interest-rate increase in December, since they would suggest the economy is running hot enough that price pressures may not fade on their own.

What to watch is how the two reports interact rather than either figure in isolation. A soft inflation reading alongside moderate growth would likely reinforce the case for patience. Conversely, firm growth and sticky prices could revive expectations for tighter policy. For observers, the key question is whether the data make the Fed's wait look prudent or increasingly difficult to sustain.