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June 11 - U.S. stock index futures edged lower on Tuesday, set for a muted session as investors looked ahead to crucial inflation data and a policy announcement from the Federal Reserve this week.
Markets are readying for Wednesday's release of the Consumer Price Index report for May, along with the conclusion of the Fed's two-day policy meeting. The central bank is not expected to change rates, but will release its updated economic projections and"dot plot". "Lower commodity prices, coupled with potential adjustments in rental index calculations, could lead to more favorable inflation data in the coming months. This improvement would be a positive development for the markets and should influence the Federal Reserve's rate decisions," Jeremy Siegel, senior economist at WisdomTree, said in a note.
On the day, a National Federation of Independent Business survey showed small-business confidence and hiring plans increased to their highest levels of the year in May, but the upcoming U.S. presidential election drove the Uncertainty Index to a nearly four-year high. Eli Lilly , opens new tab rose 2.6% after its Alzheimer's drug donanemab received unanimous backing from a U.S. FDA panel.
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