U.S. stock futures fell Wednesday, pointing to an open that would give up most of the prior session’s strong rally.
Federal Reserve Board Chairman Jerome Powell speaks to reporters after the Federal Reserve raised its target interest rate by three-quarters of a percentage point to stem a disruptive surge in inflation, during a news conference following a two-day meeting of the Federal Open Market Committee in Washington, U.S., June 15, 2022.the Fed's twice-yearly monetary policy report to the Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday.
Oil prices dropped 4% to around $105 per barrel on Wednesday, hours before President Joe Biden's expected afternoon announcement calling for aof the federal gasoline tax of 18.4 cents per gallon. However, a gas tax holiday faces significant opposition in Congress, including among many Democrats. Gas prices remain near $5 per gallon nationally heading into the thick of the summer driving season.
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