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Stock futures and Treasury bonds largely rose ahead of the Federal Reserve’s monetary-policy decision, as investors weighed the latest inflation data and what this could mean for interest rates.
Market pricing indicates that investors broadly expect policy makers to keep rates on hold. This follows Tuesday’s data that showed price pressures cooled last month, although inflation remained elevated. The producer-price index out Wednesday declined 0.3% on the month, more than economists had expected.
The central bank is set to put out its decision and statement at 2 p.m. ET; Fed Chair Jerome Powell is scheduled to hold a press conference afterward.
In recent market action:
- Most stock futures edged up.Futures tied to the S&P 500 and the Nasdaq-100 rose 0.2%. Dow industrials futures slipped 0.2%.
- Treasury bonds recovered some ground. The yield on the benchmark 10-year Treasury noteedged down, after climbing Tuesday to the highest level since March. Shorter-dated bonds also gained.
- British bond yields held close to highs. The country’s GDP rebounded in April, reinforcing expectations that the Bank of England will likely have to raise interest rates more to combat inflation.
- Oil prices rose for a second day.The most actively traded contract for Brent futures added 0.9% to $74.93 a barrel, extending Tuesday’s jump.
- Asian stock markets were mixed. Japan’s Nikkei advanced 1.5%, hitting its highest close since March 1990. Hong Kong’s Hang Seng fell 0.6%.
- German stocks were on track for a record high. The DAX index reached an all-time intraday high, lifted by gains in auto stocks. The broader Stoxx Europe 600 added 0.6%.
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Brillant!