Slowing wage growth allows Fed to take 'deep breath' -portfolio manager

STORY: The Fed has twice raised its policy rate by three-quarters of a percentage point, in June and July. Since March, it has lifted that rate from near zero to its current range of 2.25% to 2.50%. Financial markets are pricing a roughly 58.0% probability of a 75 basis points increase at the Fed's next meeting, according to CME's FedWatch Tool. That is down from 70% before the release of the employment report.