Fed Inflation Woes Push Rate Hike Odds to 44%

The Federal Reserve's inflation target of 2% remains elusive as the Personal Consumption Expenditures report shows prices rose 0.2% from June and 3.7% year over year.

The latest data gives the Fed another reason to keep rates higher, potentially raising them before the end of the year.

Three Federal Open Market Committee members already voted for a rate hike in July, with only four more votes needed to make it a majority decision.