STOCK MARKET NEWS: Oil prices down, stocks higher, gas, diesel lower, corrected tax break leads to IRS refund issuance
as traders bet US consumer price data to be released on Thursday will show further softening.
Since early last year, the Fed has been raising rates at a furious pace to bring painful inflation under control. Such moves risk causing a recession and hurt investment prices. Investors were hoping for some clues about where the Fed is heading from its chair, Jerome Powell, who spoke at a forum in Stockholm on Tuesday. But he gave little news about rates.
Some investors see the economy successfully walking the tightrope of slowing enough to snuff out high inflation but not so much as to cause a painful recession. Past rate increases and high inflation have already hurt economic activity around the world, and the Fed has pledged to keep rates high for a while to ensure the job is done on inflation. It doesn't envision any rate cuts until 2024.
Big U.S. companies will begin showing investors later this week how much profit they made during the last three months of 2022. Hot inflation has been squeezing customers’ wallets and raising costs for businesses, threatening their earnings.
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