The index is on track to rise more than 3% in August and hit its highest monthly closing level since May 2002.
Federal Reserve officials on Tuesday reiterated their support for further rate hikes to quell inflation, with New York Fed chief John Williams telling the Wall Street Journal that “it will be some time” before they are cut. Interest rates.
According to Refinitiv data, operators are pricing in a 70% chance the Fed will raise interest rates by 75 basis points next month.
The euro rose back above parity with the dollar on Wednesday, but headed for its third straight monthly decline as the escalating energy crisis adds to recession fears and the ECB hikes rates sharply.
Russia has cut off gas supplies from the Nord Stream 1 pipeline, intensifying an economic battle between Moscow and Brussels and raising the prospects of a recession and energy rationing in some of the world’s richest countries. There are fears that gas flows may not resume after planned maintenance comes to an end on Saturday.
Source: Ambito
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