Stocks fluctuated as traders braced for a hawkish tone from major central banks responding to persistent inflation pressures in policy decisions this week. The rally in oil gathered pace, with Brent topping $95 a barrel for the first time since November.
“The main story as we start the big central bank week has been the relentless rise in oil prices,” said Deutsche Bank AG macro strategist Jim Reid. “Given those fresh signs of inflationary pressures, investors moved to price in that interest rates would remain higher for longer into 2024.”With the Fed forecast to keep interest rates on hold this week, traders will be focused on the so-called dot plot summary of economic forecasts.
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