U.S. major indices opened lower during the morning session on Wednesday, reflecting ongoing concerns about inflation and expectations of a Federal Reserve rate hike. The July Personal Consumption Expenditures (PCE) price index showed inflation remained higher than anticipated, reinforcing the notion that inflationary pressures are persistent. Furthermore, strong second-quarter economic growth has increased market expectations that the Federal Reserve will raise interest rates by 25 basis points before the end of the year. Money markets have already fully accounted for the likelihood of this rate increase occurring before December.