[Cleveland Fed President Hints at Rate Hike to Combat Inflation, Market Bets on 65% Probability of September Rate Hike] According to a report by Jinse Finance, on July 19, Cleveland Federal Reserve President Loretta Mester hinted that the Federal Reserve might need to raise interest rates to curb persistently high inflation. Currently, interest rate futures traders estimate a roughly 15% probability of a rate hike in July by the Federal Reserve, while the probability of a rate hike in September stands at approximately 65%.