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Most small business owners watch the Federal Reserve the way they watch the weather: relevant, but not urgent.

Two more data points land before the meeting: the August producer price index and the consumer price index. The Fed's preferred inflation gauge, core PCE, rose 0.2% in July and held at a 3.7% annual rate — above target and not falling. That is the case for a hike. The labor market's volatility month to month is the case against.

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