Fed Rate Hike Looms as Wall Street Holds Steady Ahead of Decision

The US Federal Reserve is set to announce its decision on interest rates later today, and Wall Street is holding steady in anticipation.

The S&P 500 rose 0.2 per cent this morning, while the Dow Jones Industrial Average was down 42 points at 9:35 a.m. Eastern time.

The oil price has eased slightly, falling 1.1 per cent to US$107.59 for a barrel of Brent crude, which is still well above its pre-war price of $72.

This easing in oil prices and bond yields has provided some support for stocks, but the pressure remains high due to ongoing concerns about inflation.

The 10-year Treasury yield dropped to 4.97 per cent from 5.00 per cent late Tuesday, indicating a slight decrease in interest rates.