https://www.bloomberg.com/news/live-blog/2023-09-13/us-cpi-report-for-august

"The so-called supercore rate, which looks at core services prices excluding housing and has been a focus for Fed policymakers, rose 0.37% in August on a monthly basis. That’s the most since March. Again, a depressing figure for the Fed."

Strong core inflation, higher energy prices combined with resilient consumer demand and a still strong labor market means the Fed will most likely hike further in coming months. It's also expected that the Fed will raise their 2024/2025 dot plot chart outlining more hikes.

What this means for investors: It's still safer to buy (treasury) bonds directly which you can hold till maturity. Bond ETFs mostly have a rate-sensitive duration of 7-10 years meaning they can go down like last year as long as the Fed will leave rates hikes on the table for this and next year.

Note: nobody expects the Fed to hike this Wednesday, it's their projection afterwards the market is concerned about where they may leave further hikes on the table, even in 2024 when more hawks will have a vote in the FOMC rate decisions compared to this year!

Hope this helps a bit.