US Federal Reserve headquarters
The financial market expectations of the US interest rate hike this month rose, after inflation data came in above estimates.
Official data revealed that the consumer price index in the United States rose 8.3% in August on an annual basis, compared to 8.5% in July. This was in contrast to the expected increase of 8.1%.
The CME Group’s Fed Watch tool showed that the odds of a 100 basis point (bp) increase reached 28% on Sept. 13 versus zero the previous day.
Meanwhile, investors' expectations for a US interest rate hike decreased by 75 basis points to 72%, compared to 91% on Sept. 12. Expectations for a 50 basis point hike disappeared on Sept. 13, compared to a probability of 9% the day before.
The Federal Reserve raised the interest rate by 75 basis points in June and July meetings, to reach a range of 2.25% and 2.50%, compared to a level near zero in March.
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