The CME Fed Watch has increased its odds of a US rate hike in 2016 with a 38.30% chance of an increase to 0.75% by December. This is a sizable jump from the 32.00% chance of a rate hike being reported last week prior to the latest data on US payrolls. Although highly unlikely, the probability of a September rate hike has remained mostly unchanged after briefly climbing, with the chances of action currently standing at 12.00% according to futures markets, mirroring the 12.00% expected last week at this time. The Fed will meet again September 20th and 21st for its 6-week FOMC meeting to vote on whether to leave interest rates unchanged, raise them, or hint at a time frame for a future rate increase. Until then, payroll data for August will be released and depending on the direction of the data’s results, will have major implications on their decision.