PPI data pushes odds of a Fed rate hike in September to 70%

Odaily News: Markets have increased their bets on a Federal Reserve rate hike at next week's meeting. The first key inflation report released this week showed that U.S. producer prices rose 5.4% in the 12 months through August. Before the report was released, the market expected about a 65% probability that the Fed would raise rates by 25 basis points at its September 15-16 meeting. According to the price of federal funds futures contracts on the Chicago Mercantile Exchange (CME), the market now expects that probability to have risen to about 70%.