December 13, 2022, 4:53 PMFILE - A street sign is seen in front of the New York Stock Exchange in New York, Tuesday, June 14, 2022. AP Photo/Seth Wenig, File)
The Dow Jones Industrial Average flipped briefly to a loss before ending 0.3% higher, while the Nasdaq composite rose 1% after shedding most of a 3.8% gain.last month from 7.7% in October and more than 9% in the summer. Even though inflation remains painfully high, and shoppers continue to pay prices well above levels from a year ago, Tuesday’s report offers hope that the worst of inflation really did pass during the summer.
Such increases slow the economy by design, in hopes of cooling conditions enough to get inflation under control. But they also risk causing a recession if rates go too high, and they push down on prices for stocks and all kinds of other investments in the meantime. Smaller hikes to interest rates would mean less added pain to both the economy and to markets.
Other central banks around the world, including the European Central Bank, are also likely to raise their own rates by half a percentage point this week.
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