Fed Meet to Tackle High Inflation as Oil Prices Soar

The US Federal Reserve is set to meet on Tuesday to discuss interest rates amid high inflation and concerns over AI adoption.

Brent crude futures have pushed towards $110 a barrel, while average diesel prices in the United States reached a record high of just under $6.27 a gallon.

The 10-year US Treasury note yield hit 5.03 percent, its highest level since 2007 before the global financial crisis.

Market expectations for a 25-basis-point rate increase have risen sharply after official data showed US annual inflation remaining above the Fed's target.