1010 ET - The Fed's preferred inflation gauge is likely to keep cooling, while remaining well above the 2% target, Citi's Veronica Clark and Andrew Hollenhorst say in a note. They look at this week's CPI and PPI data to estimate July core PCE at 3.2%, down from June's 3.3%, with a risk of maintaining the same pace. They expect a 0.21% monthly increase in core PCE. The forecast, if confirmed, could keep interest rates unchanged in September. Odds of another Fed hold reach 66% following recent inflation data, up from 45% a week ago, according to CME.