Wall Street stocks struggled to advance on Monday, as the Federal Reserve’s “higher for longer” interest rate strategy continued to pile on pressure as a US government shutdown loomed.
In midday trading, the S&P 500 (^GSPC) was flat, while the Dow Jones Industrial Average (^DJI) was down 0.1%. The Nasdaq Composite (^IXIC) gained about 0.1%. The 10-year Treasury yield (^TNX) touched its highest levels since 2007.
Oil prices have resumed their rally, raising the prospect of inflation staying high — and that has fired up debate about whether the Fed will find itself restricted from cutting rates in the near term. Investors are now getting ready for a fresh read on PCE inflation due out Friday for more insight.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
With less than a week left to avert a government shutdown, investors are starting to…
