Rise In Oil Prices Mars Fed Progress On Taming Inflation -- Market Talk

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Rise In Oil Prices Mars Fed Progress On Taming Inflation -- Market Talk

Dow Jones2023-09-16

1504 ET - Ahead of the FOMC meeting next week, UBS says risks to a soft landing remain. "The steady rise in oil prices in recent weeks will lead to higher headline inflation, and being a highly visible price to consumers, may undo some of the progress made in reducing inflation expectations," says UBS Global Wealth Management's Mark Haefele. The chief investment officer adds that with inflation still above official targets it's unclear if or when the interest rate hikes will begin to have a larger effect. The CME's FedWatch tool suggests the Fed will hold rates steady on Wednesday, but the indicator prices in 30% odds of a hike in November. The dollar is off 0.2% against the euro, slightly higher against the yen and British pound. The ICE US dollar index off 0.1%. (patrick.sheridan@wsj.com)

(END) Dow Jones Newswires

September 15, 2023 15:04 ET (19:04 GMT)

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