The Federal Reserve is seen slowing interest rate hikes next month and ultimately raising borrowing costs less aggressively this year and next after data released Wednesday showed U.S. inflation eased more than expected last month.
Traders of futures tied to the Fed's benchmark rate slashed bets on a third straight 75-basis-point hike in September after a U.S. Labor Department report showed consumer prices didn't rise at all in July compared with June.
Before the report, traders were betting the Fed would need to raise rates to a range of 3.5%-3.75% or higher to bring decades-high inflation under control.
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