A cooler July inflation reading is likely to take expectations of a September rate hike off the table. Month over month, core CPI rose 0.2%, also in line with expectations. Cook is emblematic of the majority of the voting Federal Open Market Committee members who are content to hold rates steady for now. They included Fed Chairman Kevin Warsh, Fed Governors Michelle Bowman, Michael Barr, Jay Powell, Chris Waller, and Fed vice chair Philip Jefferson. Traders are now betting on the Fed holding rates steady next month, with a 55% chance they hold rates steady, after bets had risen previously that the central bank could hike in September.