The economy is expected to have added 200,000 jobs in December, less than November, but still strong enough to keep the Fed aggressively fighting inflation.
It was a tale of two halves this week, with stocks rising at the start of the week before reversing course on hawkish sentiment from the Federal Reserve.
The central bank’s Monetary Policy Committee voted 6-3 in favor of the half-percentage point hike.
The Fed rate hike of half a percentage point moves the Prime Rate to a level that means business owners will be paying 10%-plus interest on debt.
The European Central Bank will continue to hike benchmark rates, albeit at a slower pace, with inflation expected to be close to a peak.
The Fed is expected to raise interest rates by a smaller half percentage point Wednesday yet signal that its battle with inflation is still far from over.
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