the chances of a quarterofapercentage point rate hike by the federal reserve next february jumped to 581 after novembers consumerprice index report up from 351 a day ago such a hike would be the smallest move since march the cpi data also further solidified the likelihood that wednesdays fed rate hike would be a halfpoint increment lifting the fed funds rate target to between 425 and 45 meanwhile traders see an increased likelihood that the fed policy makers will either pause or deliver another quarterpoint hike next march us stock futures moved higher in response to the inflation report