The S&P 500 was 0.2% higher in early trading. It's still close to its highest level in a year, reached a couple weeks ago. The Dow Jones Industrial Average was up 68 points, or 0.2%, at 33,795, as of 9:45 a.m. Eastern time, while the Nasdaq composite was 0.3% higher.
Adding to the uncertainty was a short-lived armed rebellion in Russia over the weekend. The war in Ukraine has already helped push upward on inflation around the world, but investors mostly looked past the brief mutiny by mercenary soldiers. More emphasis will be on June's inflation data, which will arrive a couple weeks before the Fed's next meeting running July 25-26. Also upcoming is the next monthly jobs report, which will arrive in two Fridays.
High rates undercut inflation by applying the brakes to the entire economy, and they raise the risk of a recession if they stay too high, too long.
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