After US inflation data, the likelihood of a Fed rate hike rises to 90%

US inflation data for August has been released. With monthly core inflation exceeding expectations, the probability of a rate hike at the Fed's meeting next week has increased from 70% to 90%. Investors have begun to price in two rate hikes by the end of the year. The Consumer Price Index (CPI) rose by 3.4% in August compared to the same period last year. Monthly consumer inflation increased from 0.1% to 0.4%. The monthly increase in core CPI was 0.3%, while the market expectation was 0.2%. Annual core inflation decreased from 2.5% to 2.4%. The monthly increase in super core CPI rose to 0.51%, and the annual increase rate climbed to 3.02%. Following the data, short-term interest rate futures contracts declined, and investors strengthened their positions regarding a rate hike at the Fed's September meeting.

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