U.S. inflation accelerated in August, strengthening the case for a Federal Reserve rate hike next week. Data showed that the overall CPI rose 0.4% month-over-month and 3.4% year-over-year in August; core CPI increased by 0.3% month-over-month. Gasoline prices were a major driver, with oil prices rebounding above $100 per barrel exacerbating inflation concerns. The market had previously priced in about a 70% probability of a 25 basis point rate hike by the Federal Reserve next week.