U.S. stock indexes were set to open higher on Monday as investors positioned themselves for a crucial inflation reading this week that could determine the pace of interest rate hikes by the Federal Reserve.
The three major U.S. stock indexes snapped a three-week losing streak on Friday, as investors took advantage of a sharp drop in stock prices that was triggered by concerns over soaring inflation and the impact of tighter monetary policy to curb it.
A soft number might revive speculation the Fed will only hike by 50 basis points this month, though it would likely have to be very weak to have a real impact on the hawkish stance taken by most policymakers recently.Money markets are pricing in an 89% chance of a third straight 75 basis point increase by the U.S. central bank on Sept. 21.
"Our economists are expecting a 50-basis-point hike at the September meeting though I think the chances of a 75-bps hike are equally possible."
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