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International Business Times
International Business Times
Business

The PPI Was Much Higher Than Expected. Odds of a Fed Rate Hike Edged Down Anyway.

Interest Rates Bureau of Labor Statistics John Williams
Odds of a rate hike by the Federal Reserve edged down on Thursday even though the Producer Price Index soared beyond economists' expectations. (Credit: Annabelle Gordon/AFP via Getty Images)

Odds of a rate hike by the Federal Reserve edged down on Thursday even though the Producer Price Index soared beyond economists' expectations, figures show.

Chances of a rate hike now stand below 30%, almost four percentage points less than on Wednesday, according to the CME Group's FedWatch tool. Odds that the central bank will keep rates unchanged stand at 70.7% at 9:47 a.m. ET.

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