Stocks are off to a modestly higher start on Wall Street ahead of a widely expected interest rate increase by the Federal Reserve
. The S&P 500 was up half a percent in the early going Wednesday, as was the Dow Jones Industrial Average. The Nasdaq composite rose a bit less. Markets will be watching closely later in the day as Federal Reserve Chair Jerome Powell discusses the central bank’s views on the economy and the Fed’s efforts to control the worst inflation in 40 years. Treasury yields, which haver been trading at multiyear highs, edged mostly lower. Oil prices rose.U.S.
Fed Chair Jerome Powell bluntly warned in a speech last month that the rate hikes would “bring some pain.” Global tensions are adding to uncertainties. Russian-controlled regions of eastern and southern Ukraine have announcedThe Kremlin-backed efforts to swallow up four regions could set the stage for Moscow to escalate the war against Ukraine. Russian President Vladimir Putinwhat he described as U.S. efforts to preserve its global domination and ordered officials to boost weapons production.
The language used by Powell is read as closely as the decision on rate hikes, with markets seeking any clue as to how the Fed views the health of the U.S. economy.
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