Traders are showing a little more confidence that the Federal Reserve won't raise interest rates in September following a modestly encouraging July inflation report.

Interest-rate futures recently showed that traders see a 58% chance that the Fed holds rates steady at its next meeting, according to CME Group, up from 54% just before the report and 52% Tuesday. The market still showed a better-than-50% chance that the Fed raises rates by the end of its October meeting.