FAP, April 29 / PRNewswire-Asianet /-- the last few major inflation data released in the United States before next week's meeting of the Federal Open Market Committee (FOMC) reinforced traders' bets on another Fed rate rise. Interest rates on short-term swap contracts related to the date of the Fed meeting rose after the employment cost index and the closely watched personal consumption expenditure price index showed that inflationary pressures remained strong, suggesting that the Fed is almost certain to raise interest rates by 25 basis points in May. Market prices reflect the Fed's cumulative rate hike by just over 25 basis points by the end of June, reflecting increased confidence in raising interest rates by the middle of the year. "A stronger employment cost index will continue to put pressure on the Fed to raise interest rates," said Priya Misra, global head of interest rate strategy at TD Securities. "Powell sees the employment cost index as the best indicator of wage inflation, which will drive inflation in core services."