* Queen’s death comes at a point of high uncertainty for Britain
* Powell says Fed will raise rates to tame inflation ‘until the job is done’
* European Central Bank announces record rate hike to fight inflation
* European energy ministers debating plans for intervening in energy markets
* China’s inflation slowed more than expected in August amid Covid lockdowns
* Deadline approaches for US rail strike that could cost economy $2 billion per day
* US jobless claims drop to lowest since May
* US stocks look set for first weekly rise in a month:

Fed funds futures price in high odds of another 75-basis-points rate hike at Sep. 21 FOMC meeting after Federal Reserve Chair Jerome Powell reaffirmed policy tightening commitment. “We need to act now, forthrightly, strongly as we have been doing,” Powell said Thursday at a conference in Washington. “My colleagues and I are strongly committed to this project and will keep at it.”

What would it take for the Fed to achieve its 2% inflation target? “[The Fed] would have to cause a very, very serious depression to do that,” says Interactive Brokers chairman Thomas Peterffy. “And they will not do that,” he predicts.