Although inflation has cooled from its highs last year, there is still a significant risk that it could rebound due to lingering economic pressures, such as rising oil prices on geopolitical concerns. Recent economic data releases have indicated a cooling labor market, raising hopes that the Federal Reserve may decide to maintain interest rates at their current levels during its September meeting. However, the CME FedWatch Tool revealed that there is 43.6% of participants (up from 33.5% one-week ago) confident that the Fed will hike rates by 25-bp in the November meeting.