Fed expected to hold interest rates steady
The Federal Reserve is set to announce its interest rate decision, with markets widely expecting no change.
The current range of 3.5%-3.75% is expected to be maintained for the fifth consecutive meeting.
A 25 basis points hike is still possible, with a nearly 30% probability, driven by rising crude oil prices, which have climbed above $90 from $67 at the beginning of July.
The recent surge in oil prices has reignited inflation concerns, shifting the perceived risk of near-term Fed tightening, with the probability of a July Fed rate hike rebounding to 35%