Federal Reserve September rate hike probability rises to 71.3%

According to the latest CME FedWatch data, the probability of the Federal Reserve implementing a 25-basis-point rate hike in September has climbed to 71.3%, while the chance of maintaining current rates has fallen to 28.8%. For the October meeting, the market is pricing in a 54.8% probability of a cumulative 25-basis-point hike and a 27.6% probability of a 50-basis-point hike.