1148 ET - Markets are pricing in an 90% chance of a 25-basis point hike at the Federal Reserve's interest rate meeting this week, according to CME's FedWatch tool. The Fed may damage its credibility if it doesn't act, former New York Fed President William Dudley said on CNBC. "It would basically be all talk, no action," he said. Some analysts also note that more than one hike could occur this year too. "Unless incoming data soften materially or Fed communication turns unexpectedly dovish, we expect additional rate hikes in both October and December," an analysis from Bank of America says in a note.
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