standing pat

Markets see an 87% chance of the Fed standing pat on interest rates next month, but the odds of a hike by the November meeting have risen, according to the CME Group's FedWatch Tool.

The U.S. central bank hiked rates by 25 basis points at the July meeting after standing pat in June.

Markets anticipate nearly 89% chance of the Federal Reserve standing pat on interest rates at its meeting next month, CME FedWatch tool showed, with traders anticipating no more hikes for the rest of the year.

"But I've been a strong proponent of standing pat and dialing back the pace, and that's because as we near the destination we become less certain, without more data, about what needs to be done."

Traders are putting a 95% probability on the Fed standing pat on Wednesday, a consensus so strong the Fed will almost certainly respect.