Wall Street is trending modestly lower before the bell Wednesday ahead of a new batch of retail sales data, and one day after a mixed report on inflation.
The government reported Tuesday that inflation slowed to 6.4% in January from the previous month's 6.5%. That was hotter than the consensus expectation of 6.2%, meaning the chances that the Fed will ease off after repeatedly raising the benchmark interest rate to cool the economy are slim.
At midday in Europe, London's FTSE 100 in London inched up 0.1%, while the DAX in Frankfurt gained 0.6%. The CAC 40 in Paris rose 1.4%. Traders expect two more U.S. rate hikes of 0.25 percentage points to slow business activity and hiring. Some expect cuts to start as soon the end of this year despite comments by Chair Jerome Powell and other Fed officials that rates might have to stay elevated for an extended period to get inflation to their 2% target.
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