Producers of metals and other raw materials rose on hopes that inflation data Thursday would show a moderation in price increases.
The Federal Reserve remains strongly committed to lowering inflation by restraining economic growth through interest-rate increases, even though doing so could fuel political blowback, said Fed Chairman Jerome Powell during a panel discussion with other central bankers in Sweden.
Most traders suspect the Fed is nearing the end of its rate-increase cycle. "Inflation has peaked," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. "This is already priced into the bond market." If the Fed raises rates by 25 basis points on Feb. 1, the stock market will likely shrug, Mr. Di Mattia said, while a 50 basis point hike would be a "hawkish surprise."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-10-23 1732ET
