The market no longer believes there will be a rate hike in October. But December? Still betting on it. Tonight at 8:30, September CPI will be freshly released. Expected: 3.7%. August was 3.4%. Core expectation: 2.5%. Energy is pushing, gasoline breaking $4. October rate hike probability has dropped to 20%. December has decreased slightly, now at 72%. The data is no longer important. What matters is that the market no longer believes there will be a rate hike in October. But what if the core CPI exceeds expectations? 8:30—don’t miss it, see you there!