Fed Rate Hike Looms as Markets Tense Ahead of Decision

The US Federal Reserve's decision on interest rates is expected to have a significant impact on global markets. Futures for major indices such as the S&P 500, Dow Jones Industrial Average, and Nasdaq have risen ahead of the Fed's announcement.

Federal Reserve Chair Kevin Warsh has boxed himself into a rate hike after warning about inflation in his recent speech, according to economists. This move would be the central bank's first increase in over three years, aiming to slow borrowing and cool costs.

However, President Donald Trump wants the Fed to cut interest rates, which puts Warsh on a collision course with the White House. Oil prices have declined due to Saudi Arabia's oil pipeline closure, adding pressure to global supply.