Stocks rose in early morning trading on Wall Street on Wednesday ahead of a widely expected interest rate hike by the Federal Reserve.

The S&P 500 was up 0.7% as of 10:14 a.m. ET. The Dow Jones industrial average rose 183 points, or 0.6%, to 30,895, while the Nasdaq gained 0.4%.

The broader market fluctuated between gains and losses throughout the week as investors awaited the latter interest rate update from the Federal Reserve. Later in the day, they will be watching closely as Fed Chairman Jerome Powell discusses the central bank’s views on the economy and the Fed’s efforts to control the worst inflation in 40 years.

Treasury yields, which were trading at multi-year highs, remained relatively flat. The yield on 2-year Treasuries, which typically tracks expectations for Fed action, rose to 3.98% from 3.97% late Tuesday. The yield on the 10-year Treasury note, which tracks mortgage rates, fell to 3.54% from 3.56% late Tuesday.

The Fed is aggressively raising rates to try to curb high prices for everything from food to clothing. It is expected to raise the key short-term rate by three-quarters of a point for a third time. This would raise its benchmark rate which affects many consumer and business loansto a range of 3% to 3.25%, the highest level in 14 years, and increased from zero at the beginning of the year.

The Fed’s goal is to slow economic growth and cool inflation, but Wall Street worries that could slow down an already slowing economy too much and trigger a recession. Those fears were bolstered by reports showing inflation remained persistently high and by Fed officials saying they would continue to raise rates until they were confident inflation was under control.

Central banks around the world are also struggling with inflation. The Bank of Japan began a two-day monetary policy meeting on Wednesday, although analysts expect the central bank to stick with its easy monetary policy. Next come the rate decisions of Norway, Switzerland and the Bank of England. Sweden surprised economists this week with a full score increase.

Global tensions remain high as Russia’s invasion of Ukraine continues. Russian-controlled regions of eastern and southern Ukraine announced plans to start voting to join Russia this week. The war killed thousands of people, raised food prices around the world, and caused energy costs to skyrocket.

Gasoline prices, which have fueled inflation for several months, are generally falling. But the average price for a gallon of gasoline rose for the first time in more than three months, rising to $3.681 from $3.674, according to the AAA Auto Club.

Several companies gained ground after giving investors encouraging financial data. Cheerios maker General Mills rose 5.9% after raising its profit forecast for the year. CoverGirl owner Coty rose 5.1% after a sharp rise in revenue, while Walmart rose 1.9% after it said it was hiring 40,000 U.S. workers for the holidays, most of them seasonal.

Cruise line operators have slipped up as Hurricane Fiona continued to beat the Caribbean. Carnival decreased by 5.7%.

Yuri Kageyama and Matt Ott contributed to this report.

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