Chances of Fed hiking rates by 100 bps "not very good" -CIO

STORY: Investors were betting on Wednesday the U.S. Federal Reserve will deliver a super-sized 100 basis point rate hike this month after a mostly grim inflation report showed price pressures, already running at a 40-year high, accelerating further.

Data out Wednesday from the U.S. Labor Department showed the consumer price index jumped 9.1% in June, as gas prices hit record highs last month and food costs remained elevated.