Focus on Fed as Futures Edge Higher Ahead of Rate Decision – U.S News & World Report Money

(Reuters) – U.S. stock index futures inched higher on Wednesday as investors waited to see how high the Federal Reserve would raise interest rates to quell inflation at its policy meeting.

Investors have dramatically raised their bets of a 75 basis points (bps) rate hike, rather than 50 bps, following hotter-than-expected consumer prices data last week, fueling a selloff across global markets.

The European Central Bank said earlier its rate-setting Governing Council would hold a rare, unscheduled meeting to discuss the recent selloff in government bond markets, sending European stocks 1% higher. [.EU]

Traders are currently pricing in a more than 94% chance of a 75 basis point hike, up from 8.2% a week ago, according to CME’s FedWatch Tool. Such a big hike would lift the Fed’s short-term target policy rate to a range of 1.5% and 1.75%.

The central bank will release its statement at 2 p.m. ET (1800 GMT), with a press briefing by Fed Chair Jerome Powell expected at 2:30 p.m. ET.

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Read Full Story: https://money.usnews.com/investing/news/articles/2022-06-15/focus-on-fed-as-futures-edge-higher-ahead-of-rate-decision

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