0923 ET - Monthly PCE inflation readings worsened in July, likely supporting expectations of a Fed hike. Prices increase 0.2%, after falling 0.1% in June, while the core reading accelerates to 0.2% from 0.1%. "The number of dissenters at the next meeting may grow because the month-over-month readings...are getting worse," Northlight's Chris Zaccarelli writes. However, "we believe enough of the FOMC will want to wait to see more data before making a decision to raise rates next month." Zaccarelli adds that annual readings steady at 3.7% and 3.3% (core) could give the Fed more time to stay on hold. Markets price 60% odds of a hold in September, according to CME.
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