Wall Street rebounds overnight as largely on-target inflation data and waning fears over contagion in the banking sector cool expectations about the size of the rate hike to come from the US Federal Reserve's policy meeting next week.
Key Event
Bank contagion fears were allayed on Tuesday as reassurances by US President Joe Biden and other global policymakers vowed the crisis would be contained. But signs of economic softness, combined with the regional banking scare, have increased the odds that the Federal Reserve will implement a modest, 25 basis-point hike to its key interest rate at the conclusion of its two-day policy meeting on March 22.
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