U.S. futures gained as investors parsed comments from Federal Reserve officials to assess the potential for slower interest rate hikes.
Fed officials have broadly maintained their steadfast stance to fight against inflation. Yet San Francisco Fed President Mary Daly also said that officials need to be mindful of the lags in the transmission of policy changes, while her Cleveland counterpart Loretta Mester said she's open to slowing the tempo of rate hikes.
JPMorgan Chase & Co. strategist Marko Kolanovic, who until recently had been one of the most vocal bulls on Wall Street, said risky assets may languish until the Fed reverses course on its hawkish campaign to raise interest rates. A near-term pivot is likely not in the cards and JPMorgan expects assets to still be “rangebound with a more pronounced downside risk.”
China's reopening may only be a story for the second quarter of next year as the country enters the winter months, according to Dwyfor Evans, head of Asia Pacific macro strategy at State Street Global Markets.
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