The Federal Reserve is widely expected to lower its benchmark rate when it meets this week, despite the latest hotter-than-expected inflation data .

The market is now pricing in a 96% chance of a 25 basis-point rate cut this month, according to the CME Fedwatch tool .

"The betting is currently that the Fed will embark on rate cutting, concerned about burgeoning downside risks in the economy, and the job market, in particular," Mark Hamrick, Bankrate's senior economic analyst, said in an email.

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