CME FedWatch data showed a 66% probability on August 31 that Federal Open Market Committee officials will raise the federal funds target range by 25 basis points at their September meeting to 375-400 bp. The report said higher rates could pressure risk assets including cryptocurrencies and stocks by lifting broader borrowing costs and increasing yields on fixed-income instruments. It also noted recent hawkish commentary on inflation and a Barclays forecast for additional rate increases in September and December.