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US futures rebounded after the Federal Reserve delivered its first rate hike since 2023, with Chair Kevin Warsh’s commitment to tackling inflation reassuring investors. Markets are now pricing in a greater than 50% chance of another increase in October.

Stocks and bonds edged higher as markets priced in a more than 90% chance of the Federal Reserve’s first-rate hike since 2023. Attention now turns to Fed Chair Kevin Warsh’s guidance on the path for interest rates.

Global stocks and bonds fell as surging oil prices fuelled inflation concerns and pushed the US 10-year Treasury yield above 5%. Markets are now pricing in a more than 90% chance of a Federal Reserve rate hike on Wednesday.