US bourses rose in anticipation of the Fed meeting

US stocks started the week with growth - the S&P 500 and Nasdaq 100 indices reached new all-time highs ahead of the Fed meeting, Business Insider reports. The upcoming two-day meeting of the regulator will end on Wednesday with the announcement of the decision on interest rates. On the same day, investors will be studying the U.S. consumer price index report for May, which will set the tone for the markets over the summer.

Economists had forecast that the core consumer price index (CPI) rose 0.3% in May. Investors will rely on this statdata to signal when the Federal Reserve may begin cutting interest rates. Markets expect the first cut in September, although the outlook could change depending on inflation data.

Morningstar strategist Dave Sekera, as quoted by the portal, noted that Fed Chairman Jerome Powell “recognizes the slowdown in economic growth but doesn't see it as critical.” He added that the July meeting will give more signals about the extent to which the Fed is ready to move to lower rates in September.