Kalshi traders expect the annual U.S. consumer price index reading for July, due Wednesday, to come in at 3.3% while pricing a 46% chance of a Federal Reserve rate hike in September, down from 67% a week earlier. The shift suggests weaker employment data has outweighed the signal from rising U.S. Treasury yields in shaping policy expectations. Markets see a hotter-than-expected CPI print as likely to revive rate-hike bets and add pressure to the bond market, while a softer reading would strengthen expectations that the Fed will hold rates steady.