Fed Rate Hike Looms as Global Stocks Rise

Global stocks are rising ahead of the Federal Reserve's interest rate decision, with expectations that rates will increase for the first time in over three years.

The Fed's Chair, Kevin Warsh, has been under pressure to raise rates after delivering a speech last month warning that inflation remains above the 2% target. Recent US data showing stubbornly high inflation has bolstered expectations for higher rates, which can slow borrowing and cool costs.

Futures for the S&P 500 gained 0.2%, while the Dow Jones Industrial Average climbed 0.1%. The Nasdaq rose 0.4%. Oil prices declined with Brent crude falling 1.1% to $107.61 a barrel, and benchmark US crude dropping 2% to $103.70.

The rising interest rates have put Warsh on a collision course with President Donald Trump, who wants the Fed to cut interest rates. The Iran war-driven energy crisis has added to inflationary pressure, while the US national debt has grown.