Wall St set for lower open on lingering concerns over elevated rates
Investors will now monitor data on durable goods and the Fed's preferred inflation gauge Personal Consumption Expenditures price index for August, second-quarter GDP, and remarks by Fed policymakers including Chair Jerome Powell through the course of the week.
"Now we're in a time where the lag is here and if so, its going to have its effect now, which is when you start to really watch those indicators," said Thomas Martin, senior portfolio manager at GLOBALT Investments. Traders' bets on the benchmark rate remaining unchanged in November and December stood at 74% and 59%, respectively, according to CME's FedWatch tool.
Investors also assessed other risks including high oil prices, a resumption of student loan payments in October and a government shutdown that is set to begin if lawmakers are unable to pass a budget by Sept. 30. "There's a fair amount of uncertainty coming into a month that is considered to be one of the worst of the year and you have these other issues going on, so people are going to be cautious," Martin added.
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