The August Consumer Price Index (CPI) report, out Friday, is the last major inflation release before the Federal Reserve’s September 15–16 meeting. This may heavily influence whether the Fed delivers its first rate hike of this cycle. Markets are already pricing in roughly a 60% chance of a 25‑basis‑point hike after the much‑stronger‑than‑expected August jobs report, so the CPI report could tip the decision either way. In the case of either a hold or a hike, there are likely to be numerous dissenting votes. Tony Riggsbee joins Stephen Kates, CFP® Principal at Clocktower Financial Consulting about these reports and more.