Fed-funds futures have shifted to a 70% chance of a September rate hike this morning, reflecting market calculations. Meanwhile, Nick Timiraos, a prominent Fed reporter, shared August core CPI estimates from 17 sources, with a median forecast of 0.22%. All estimates, ranging from 0.16% to 0.24%, round to 0.2%. Timiraos noted that firm August PPI components that feed into the PCE could lead to a slightly higher August core PCE, even with a consensus CPI.