The Consumer Price Index (CPI) for July rose just 0.1% month-over-month, bringing the annual rate down to 3.4% from June's 3.5%. The Producer Price Index (PPI) for final demand was flat month-over-month, with its annual rate cooling to 4.7% from 5.5% in June. This marks the second consecutive month of declining annual inflation rates. Following these cooler-than-expected data releases, the CME FedWatch tool showed the probability of a September rate hike by the Federal Reserve crashing from 55% before the CPI release to 32% today.