Federal Reserve Board Meeting Looms: Rate Hike Odds Soar

The Federal Reserve Board's next meeting is scheduled for September 15th and 16th. Analysts are already looking ahead to this event, as the board does not meet in August. The CME FedWatch tool shows a near certainty of another move on short-term rates, with an 81% chance that the Fed will hike rates by at least a quarter point.

The updated rate decision is expected to come early afternoon on the 16th. As of today, the CME Group's analysis indicates a 0% chance of a rate cut and a 19% chance of keeping rates unchanged.

Market watchers are paying close attention to regular monthly economic reports in August and early September, which could impact inflation concerns and affect the Fed's decision.