Wall Street points higher ahead of inflation data, earnings

Fears of a recession have been weighing on markets as stubbornly hot inflation leads consumers to temper their spending.

Investors and economists still expect the Fed to raise its overnight rate by three-quarters of a percentage point next month, the fourth such increase. That's triple the typical hike, and would bring the rate up to a range of 3.75% to 4%. It started the year at virtually zero. On Wednesday, PepsiCo upped its outlook for the year with higher prices pushing up sales in the third quarter by 9%. Average prices at the drink and snacks maker rose 17%.

Bank of Korea Gov. Rhee Chang-yong told reporters that most monetary policy board members want the terminal policy rate to be at 3.50%. Analysts at SG Global Economics said they expect the pace of the tightening to slow down, with two more 0.25 percentage point hikes, one in November and another in January next year.

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