Line chart with two lines showing market-based forecasts for the Fed funds rate, which Insider calculated using data from the CME FedWatch Tool. Markets are now predicting a much sharper increase in rates than they were a week ago, after US inflation data came in surprisingly hot on Tuesday.
Note: Insider took a weighted average based on the market-implied probabilities for the Fed funds rate after each of the next three FOMC meetings as of September 8 and September 14. Insider used the lower bound for the Fed's rate range for these calculations.