Friday's August CPI report could set the stage for the Federal Reserve's first interest rate hike in more than three years.

Hot CPI report may trigger a Fed rate hike this month. Rate hike by September at 54.5% YES, and by October at 65.5% YES.

The Fed's September rate decision hinges on August CPI and PPI data due September 10-11, with inflation still well above the 2% target.