[PPI Data Released: Probability of Fed Rate Hike in September Rises to 70%] The market has increased its bets on a rate hike at next week's Federal Reserve meeting. The first key inflation report released this week showed that U.S. producer prices rose 5.4% over the 12 months ending in August. Prior to the release of this report, the market estimated a roughly 65% probability that the Federal Reserve would raise rates by 25 basis points at its September 15-16 meeting. Based on the CME's federal funds futures contract prices, the market now estimates this probability has risen to about 70%.