US Futures Retreat as Fed Digs in for Inflation Fight

US Futures Retreat as Fed Digs in for Inflation Fight
Traders work on the floor at the New York Stock Exchange as the Federal Reserve chairman Jerome Powell speaks after announcing a rate increase in New York on Nov. 2, 2022. Seth Wenig/AP Photo
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Wall Street is heading lower ahead of Thursday’s opening bell after the Federal Reserve added another jumbo rate increase and suggested that the pace of rate hikes may slow, but the fight against inflation is far from over.

Futures for Wall Street’s benchmark S&P 500 index fell 0.8 percent and futures for the Dow Jones industrials retreated 0.6 percent.