The S&P 500 has edged lower after wavering between small gains and losses. The benchmark index is on track for its first monthly loss since February, though gains earlier this week helped chip away at the severity of the decline.The Dow Jones lost 0.4 per cent while the Nasdaq composite rose 0.5 per cent. The Australian sharemarket is set to slump, with futures at 5.17am AEST pointing to a loss of 39 points, or 0.5 per cent, at the open.
The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed’s target of 2 per cent. PCE measured 3.3 per cent in July, matching economists expectations. That’s down from 7 per cent a year ago. “The last hike they made potentially could be the last for the year,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “As long as inflation remains controlled and contained, I think the Fed is done raising interest rates.”
Wall Street has one more big economic update to look forward to this week. On Friday, the government will report employment data for August. The strong job market, along with consumer spending, has so far helped thwart a recession that analysts expected at some point in 2023. But, they also made the Fed’s task of taming inflation more difficult by fuelling wage and price increases.
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