The Fed's Preferred Inflation Gauge Rose In July. Expectations Of a Rate Hike Edged Up.

The Fed's preferred inflation gauge rose 0.2% in July, in line with forecasts from analysts. (Credit: Getty Images)

Expectations of a rate hike in the next Federal Reserve meeting edged up on Wednesday after the central bank's preferred inflation gauge rose 0.2% in July, in line with forecasts from analysts.

They now stand above 40%, compared to 39.6% on Tuesday and 33.1% last week, according to the CME Group's Fed Watch tool.