0914 ET - The Fed's preferred inflation gauge, PCE accelerated last month. The report was released one day after the Federal Open Market Committee held interest rates steady and noted that economic growth was strong. "Although the inflation data came in line with expectations, because it is higher than the prior month, it emphasizes the problem we face - inflation is not coming down to the 2% target," wrote Chris Zaccarelli, chief investment officer for Northlight Asset Management. Markets are pricing in an 83.6% probability of higher interest rates in December, according to CME's FedWatch tool.
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