The U.S. stock market is rallying toward records after data suggested inflation across the country was a touch better last month than economists expected.

Fed-funds futures traders were pricing in a 51% likelihood on Tuesday that the central bank will cut rates in three quarter-point increments by December, up from 45% a day ago, according to the CME FedWatch Tool.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum.