News Summary

• The Consumer Price Index rose 0.3% month over month in August.
• The year-over-year rate was in line with expectations for 2.4%.
• Markets are now betting on a 90% chance of a rate hike at Wednesday's Fed policy meeting.
• Fed officials have been divided about whether inflation is falling back down to their 2% goal on its own or whether they need to raise rates."The upside surprise to core CPI in August means the Fed looks set to hike next week," said Stephen Brown, North America chief economist for Capital Economics.