28.1%

That's the probability traders now assign to the Federal Reserve holding rates steady through year-end, according to CME Group data. It's a noteworthy change from just a month ago, when that probability stood closer to 11%.

A hike later this year is still seen as the most likely scenario. But after last week's softer-than-expected jobs report and yesterday's CPI data, which showed inflation retreating modestly, traders now believe the Fed has more room to breathe.

Another inflation data point will come today with the release of the producer-price index at 8:30 a.m. ET. It's a noteworthy report because some of its underlying data are used to calculate the Fed's preferred inflation metric: the personal-consumption expenditures price index.