The Consumer Price Index (CPI) preview suggests that upcoming data will align with market expectations, implying that the Federal Reserve may not increase interest rates. The CPI decreased from 4.2% in May to 3.5% in June 2026. The Fed has maintained its federal funds target range at 3.50%-3.75%. Market pricing for a September rate hike has dropped to 32%, down from 42% just 24 hours ago, while the October meeting’s probability stands at 48.5%.
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