On Wednesday, global stocks slipped, driven by negative news from Europe's real estate market, bearish British inflation data, and a lack of new stimulus from Beijing.
The uncertainty surrounding whether or not the Fed will raise rates again in July and peak in a 5.5%-5.75% range, as projected, has left investors unsure.
Markets currently imply around a 78% chance of a hike to 5.25-5.5% next month, which could be the end of the entire tightening cycle. The uncertainty nudged S&P 500 futures and Nasdaq futures down 0.1%, with the dollar index up 0.1% at 102.62.
In currencies, sterling firmed slightly as hotter-than-expected inflation data raised expectations of bigger central bank rate hikes, pushing interest rate futures to suggest a roughly 45% chance of a 50 basis point hike to the base rate.
