Wall Street futures are pointing higher as markets try to rebound from back-to-back weekly losses. Futures for the Dow inched up 0.2% early Monday and futures for the S&P 500 rose 0.4%.
Wall Street futures pointed higher early Monday as markets try to rebound from back-to-back weekly losses, driven by fears that interest rate hikes by the Federal Reserve and other central banks might tip the U.S. and global economies into recession.Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation near a four-decade high. The European Central Bank warned more rate hikes are coming.
U.S. consumer inflation has eased to 7.1% over a year earlier in November from June’s 9.1% high but it still is painfully high. The federal funds rate stands at a 15-year high of 4.25% to 4.5%. The Fed forecast will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.
In Asia, the Shanghai Composite Index lost 1.5% to 3,118.95 despite the ruling Communist Party announcing Friday it will try to reverse China's economic slump by stimulating domestic consumption and the real estate market.
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