Fed rate hike probabilities diminishing due to soft economic data

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The likelihood of a September Fed rate hike has cooled to 70:30 against, with December hike probabilities also diminishing. This shift is attributed to recent soft economic data, including a significant drop in the Atlanta Fed GDPNow estimate for Q3, a negative NFP report, and soggy CPI/PPI numbers, particularly a decline in core services inflation suggesting weakening consumer demand.