A look at the day ahead in U.S. and global markets from Mike Dolan
Emboldened by still-punchy U.S. economic activity, the Federal Reserve is gradually gaining market traction with a campaign to flag two more interest rate rises this year - bolstering the dollar, particularly in Asia.positive overnight - with its stock up 4% ahead of Thursday's open after an earnings update infused with optimism about the artificial intelligence boom.
But as investors hit the half-year mark tomorrow, the tightening credit environment tempered fresh risk-taking.relative hawkishness, in a series of comments made in Europe over the past 24 hours, has shunted money market rates higher - with futures now starting to price a one-in-five chance of a second quarter-point rate rise by year-end. Hopes for any rate cut in 2023 are all but gone.
"I wouldn't take...moving at consecutive meetings off the table at all," he said, noting "the committee clearly believes that there's more work to do, that there are more rate hikes that are likely to be appropriate".
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