from cnn money today
Comments from Fed officials about the threat of inflation have helped to fuel a sell-off in global equity markets over the last couple of weeks, and the higher than expected inflation reading in the Consumer Price Index report Wednesday convinced economists and investors Wednesday that another Fed rate hike is certain to be announced at its June 29 meeting.
Investors will now start watching for clues as to how high the Fed might raise rates after its June 29 meeting. The Fed's so called beige book said the various banks around the country saw signs of a cooling economy along with rising prices. That indication of slower growth helped lift stocks by raising hopes the Fed might not raise rates after June.
Oil prices rose after a Wednesday report on U.S. fuel inventories report that showed crude inventories smaller than expected.
U.S. light crude for July delivery gained 71 cents to $69.85 in early electronic trading, while the July contract for Brent crude gained 62 cents to $67.60.
Major markets closed mostly higher Wednesday in Asia after the Bank of Japan left interest rates there unchanged. Major European markets also were higher in midday trading.
Comments from Fed officials about the threat of inflation have helped to fuel a sell-off in global equity markets over the last couple of weeks, and the higher than expected inflation reading in the Consumer Price Index report Wednesday convinced economists and investors Wednesday that another Fed rate hike is certain to be announced at its June 29 meeting.
Investors will now start watching for clues as to how high the Fed might raise rates after its June 29 meeting. The Fed's so called beige book said the various banks around the country saw signs of a cooling economy along with rising prices. That indication of slower growth helped lift stocks by raising hopes the Fed might not raise rates after June.
Oil prices rose after a Wednesday report on U.S. fuel inventories report that showed crude inventories smaller than expected.
U.S. light crude for July delivery gained 71 cents to $69.85 in early electronic trading, while the July contract for Brent crude gained 62 cents to $67.60.
Major markets closed mostly higher Wednesday in Asia after the Bank of Japan left interest rates there unchanged. Major European markets also were higher in midday trading.