ASX set to dip as Wall Street edges higher

The S&P 500 rose 0.2 per cent a day after setting an all-time high for the 30th time this year. The Dow Jones was up 0.1 per cent and the Nasdaq composite mostly unchanged. The Australian sharemarket is set to slip, with futures pointing to a dip of 7 points, or 0.1 per cent, at the open. The ASXReuters

That could be an encouraging signal for the Federal Reserve, which is trying to pull off a tough balancing act for the economy. The Fed wants to slow the economy by just enough through high interest rates to get inflation under control. The hope is that it will cut its main rate, which is at its highest level in two decades, in time so that the slowdown stops short of a painful recession.

Inflation is still high, even if it’s slowed since its peak, and lower-income households in particular are struggling to keep up with the more expensive prices.

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