U.S. Stock Futures soared on Wednesday, after the Consumer Price Index for June revealed that prices had risen by the smallest percentage since August 2021. According to CME’s FedWatch, Treasury yields fell and the U.S. Dollar rose as traders’ expectations of another interest rate hike this year decreased. S&P 500 Futures +1.03% rose 35 points or 0.8% to 4507.25. Dow Jones Industrial Futures YM00, +0.80% increased by 189 points or 0.6% to 34653. Nasdaq futures NQ00,+1.46% rose 141 points or 0.9% to 15402. Treasury yields fell in response to the data. The 2-year yield dropped 14 basis points, or 4.750%. The dollar USDUSD, +0.94% increased 0.5% to $1.1061. The headline and core CPI fell by 0.2% in June. This was lower than the 0.3% economists had predicted. Core CPI, which excludes volatile energy and food prices, increased by 4.8% over the past 12 months, lower than expected. FedWatch shows that traders view another Fed rate increase in July as virtually certain, with odds of just under 90% on Wednesday morning. The chances of another hike this year are now lower.