The major averages are set to close out their first trading week of the year with losses.
Brendan McDermid | Reuters
"All investors care about is that the data suggests inflation is moving towards the Fed's target," said Michael Arone, chief investment strategist at State Street Global Advisors. "That's all investors care about and average hourly earnings suggest inflation continues to slow. They are excited about that."
Some economists expect the Fed will raise rates by a half percentage point, while traders in the futures market have been betting on a quarter point hike.
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