Betting markets now lean toward the Fed raising interest rates in October, which is bad news for stocks, borrowers, and anyone hoping for cheaper loans.

• Odds of an October rate hike have climbed past 60% and kept rising through the day.
• Futures markets now center on four rate hikes by next September, up sharply from three and a half.
• Five hikes is close to a coin toss, and six is on the table.
• Higher rates make mortgages, car loans, and credit card debt more expensive, and usually pressure stocks.

Outlook: If these odds hold, the Fed looks set to tighten in October with more hikes stacked through next year.