FXStreet (Mumbai) - The upbeat inflation data released in the US today led to a minor spike in the March 2016 Fed rate hike bets, which quickly faded away. As per the latest CME Fed watch data, the March rate hike probability now stands at 49.4, largely unchanged from the pre-data level of 49.00. Immediately after the data release the probability had spiked to 52%. Meanwhile, the 2-year treasury yield, which mimics short-term rate hike bets, extended gains to trade 3.6 basis points higher on the day at 0.597%. The US CPI in September unexpectedly stalled, compared to the expected drop of 0.1%, while the core inflation ticked higher to an annualised rate of 1.9% from August’s 1.8%. For more information, read our latest forex news.