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Fed expected to hold interest rates steady next month
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(Reuters) — Traders kept bets the Federal Reserve will leave its benchmark interest rate in its current range of 5.25%-5.5% next month after data Thursday showed inflation rose in July as expected, but also continue to price in nearly even odds of one rate hike by year's end.
Futures tied to the Fed's policy rate were little changed after the U.S. government reported the personal consumption expenditures price index rose 3.3% in July from a year earlier, outpacing the Fed's 2% inflation target but in line with analyst expectations.
Traders continue to see only about a one-in-ten chance of a rate hike at the Fed's Sept 19-20 meeting, and just under a 50% chance of a rate hike at either the November or December meetings.
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