According to CoinMeta, after the release of the U.S. Producer Price Index ( PPI ) data in October, the money market lowered the probability of the Federal Reserve raising interest rates by 50 basis points in December. The data showed that PPI rose 0.3% month-on-month, lower than analysts' expectation of a 0.4% year-on-year increase, and also below the expected 6.6%. Following the data release, the market reflected a 91% probability of the Fed raising interest rates by 25 basis points, up from 86% before the release, while the probability of a 50-basis-point increase dropped from 14% to 9%.