People walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, June 12, 2024, in Tokyo. – Shares were mixed Wednesday in Asia ahead of a decision by the Federal Reserve on interest rates.
Trading was subdued Tuesday on Wall Street ahead of a key inflation report and the Federal Reserve's policy decision. Wall Street expects the government’s consumer price index to remain unchanged at 3.4% in May. Inflation as measured by CPI is down sharply from its peak at 9.1% in 2022, but it has seemingly stalled around 3%. That has complicated the Fed’s goal of taming inflation back to its target rate of 2%.
The economy has remained resilient with support from a strong jobs market and consumer spending. Consumers are becoming increasingly stressed, especially those with lower incomes, and retailers have been warning investors about the potential impact to earnings and revenue. The U.S. jobs market has been showing some signs of cooling, which could ease inflation but put more stress on consumers.climbed 11% on news that the buy now, pay later company will be integrated into Apple Pay.
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