After the recent red-hot June inflation reading that surged to 9.1 percent, traders increasingly bet that the Federal Reserve might raise the benchmark interest rate by 100 basis points at the July Federal Open Market Committee (FOMC) policy meeting.
The latest odds of a 100-basis-point increase sit at 31 percent, according to the CME FedWatch Tool; however, U.S. central bank officials aren’t ready to commit to a full percentage point increase later this month, which would be the largest in the Fed’s modern era.
