Bonds & Stocks
US stock futures indicated a pause in the S&P 500's rally after it entered a bull market, while the dollar headed for its biggest weekly loss in two months on bets the Federal Reserve is nearing the end of its hiking cycle. Investors may be reluctant to take big positions ahead of next week's interest-rate decisions from the Fed and the European Central Bank.
Economy
Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation. The Federal Open Market Committee will keep rates steady at its June 13-14 meeting at the 5%-5.25% range, though officials face a closer call in July on what to do, according to economists surveyed by Bloomberg.
World
A blanket of heavily polluted air covering much of the eastern US is likely to last until Tuesday, even as levels in New York City showed improvement. Washington DC issued a "very unhealthy" air-quality alert. President Joe Biden said the US would "respond promptly" to any Canadian requests for more firefighters and air tankers.