Markets Mixed Ahead of Fed Decision as Oil Prices Surge Amid Mideast Tensions
US markets were mixed ahead of the Federal Reserve's decision on interest rates on Wednesday. Meanwhile, oil prices jumped more than 4% after Jordan and the US knocked down an Iranian missile barrage launched against American forces in the Middle East.
Brent crude, the international standard, rose to $85.79 a barrel, while benchmark U.S. crude gained to $83.04 a barrel. The recent calm in fighting was shattered when Jordan's air defenses intercepted five missiles launched from Iran early Wednesday.
The market is expecting the Federal Reserve to keep interest rates unchanged, with 76% of Wall Street traders foreseeing a rate hike in September. However, Fed officials are growing impatient with inflation, which has been above target for five years.