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The September 16 FOMC meeting is the dominant catalyst, with high probability of a rate hike following recent inflation data.
August core CPI exceeded expectations, driving the probability of a Fed rate hike at the next meeting to nearly ninety percent.
Escalating geopolitical tensions in the Strait of Hormuz pushed crude oil to multi-month highs, fueling inflation concerns and market volatility.
Major U.S. indices closed higher on Friday, driven by falling oil prices during the session despite the hotter-than-expected inflation report.
The European Central Bank raised rates, citing persistent inflation, reinforcing a global narrative of monetary tightening that impacts U.S. asset pricing.