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NEW YORK: Stocks swing between small gains and losses on Wall Street after a report showed inflation remains high, according to the Associated Press.

The S&P 500 was up 0.3% at the start of Wednesday’s session after reversing an earlier loss of about the same amount.

The index is coming off five straight losses and is near its lowest point in almost two years. A government report showed inflation at the wholesale level eased last month, although it was somewhat worse than economists had expected.

A more closely watched component of the inflation data matched economists’ forecasts.

Treasury yields, which have driven much of Wall Street’s recent trading, have remained relatively flat.

Recession fears are weighing on markets as stubbornly high inflation pushes consumers to moderate spending.

The Federal Reserve is aggressively raising its benchmark interest rate to make borrowing more expensive, a strategy that risks slowing the US economy too much and pushing it into a recession.

The Fed will release minutes from its last meeting later on Wednesday, perhaps giving Wall Street more insight into its views on inflation and next steps.

Investors and economists still expect the Fed to raise its key rate by three-quarters of a percentage point next month, the fourth such hike. That’s triple the typical rise and would take the rate to a range of 3.75% to 4%. He started the year at practically zero.

The government will also release its wholesale price report on Wednesday, providing an update on how inflation is hitting businesses. A closely watched consumer price report is due Thursday and retail sales data for September is due Friday.

Corporate earnings season begins in earnest this week with quarterly reports from PepsiCo, Delta Air Lines and Domino’s Pizza. Banks, including Citigroup and JPMorgan Chase, will also report on the results.

Wednesday, PepsiCo. raised its outlook for the year with higher prices pushing sales up 9% in the third quarter. Average prices at the beverage and snack maker rose 17%.

The pound weakened against the US dollar after Bank of England Governor Andrew Bailey confirmed that the bank would not extend beyond Friday an emergency debt-buying plan introduced the last month to stabilize the financial markets.

The pound fell almost 1% to just below $1.10 after Bailey’s speech, before recovering slightly. Financial markets have been shaken, with the currency hitting a record low of $1.03 last month after the government announced tax cut plans without saying how it would pay for them.

France’s CAC 40 gained 0.1%, while Germany’s DAX rose 0.2% and Britain’s FTSE 100 fell 0.1%.

South Korea’s Kospi gained 0.5% to 2,202.47 after the Bank of Korea raised its key rate by 0.5 percentage points, amid US Fed rate hikes, which caused drive up the value of the dollar against many other currencies, including the won.

Bank of Korea Governor Rhee Chang-yong told reporters that most members of the monetary policy board wanted the final policy rate to be at 3.50%. Analysts at SG Global Economics said they expected the pace of the tightening to slow, with two more hikes of 0.25 percentage points, one in November and another in January next year.

The Japanese yen fell to a 24-year low against the US dollar at 146 yen, raising expectations of intervention to support the yen following such a move in September. The dollar was trading at 146.59 Japanese yen, down from 145.80 yen. The euro cost 97.10 cents, against 97.07 yen.

The weaker yen raises costs for consumers and businesses that depend on imports for food, fuel and other needs, but the higher purchasing power of foreign currency is expected to boost tourism. Japan reopened fully to individual tourist travel this week after being closed for more than two years due to the pandemic.

The Japanese benchmark Nikkei 225 was virtually unchanged, falling 4 points to end at 26,396.83. Australia’s S&P/ASX 200 gained 2.5 points to 6,647.50. Hong Kong’s Hang Seng fell 0.8% to 16,700.31, while the Shanghai Composite climbed 1.5% to 3,025.51.

In energy trading, benchmark U.S. crude rose 38 cents to $89.73 a barrel in electronic trading on the New York Mercantile Exchange. US crude oil prices fell 2% on Tuesday. Brent crude, the international price standard, rose 63 cents to $94.92 a barrel.