Inflation data came in strong Wednesday morning, with the Commerce Department announcing personal consumption expenditures rose 1.7% in the past 12 months. While still below the Fed's target, there is a clear upward trend taking shape.

Fed to take away the punch bowl: High Frequency Economics Jim O'Sullivan thinks the release seals the deal for the Fed, writing that " the presumption is that there will be a rate hike" at the central bank's next meeting in two weeks, unless data in the meantime disappoints. Axios highlighted the reasons to be skeptical of this view earlier today.