WASHINGTON, June 29 — US stock index futures struggled for direction today after several Federal Reserve policymakers made a case for faster interest rate hikes to tamp down inflation as a string of recent data continued to paint a dour picture for the economy.
Investors also digested a report that said Cleveland Federal Reserve Bank President Loretta Mester advocated for another 75 basis points interest rate hike in the US central bank's July meeting, if economic conditions remain the same. The benchmark S&P 500 was on track for its biggest drop in the first half of a year since 1970, and along with the Dow and the Nasdaq was headed toward a second straight quarterly decline for the first time since 2015.
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