Commodities
US Inflation Data Release Set to Influence Fed Rate Plans Amid Ongoing Iran Tensions
Oil prices rose again on Wednesday and stock markets were mixed ahead of the release of key US inflation data that could guide the Federal Reserve's plans for interest rates.
Traders are nervously anticipating the consumer price index (CPI) figures, which follow a report last week showing the world's top economy lost more than 20,000 jobs in July, indicating a slackening labour market.
The inflation rate has been stubbornly elevated above the Fed's two percent target for over five years, compounded by the ongoing Iran war since February. Monetary policymakers are increasingly considering lifting borrowing costs, with three board members calling for an increase at the bank's July meeting despite the final decision to hold rates.