Wall Street analysts have been busy war-gaming just how quickly the Federal Reserve might start shrinking its balance sheet. Now attention is also turning to exactly which parts of the financial system it could suck the most liquidity from as it reverses its pandemic-era stimulus.

“With inflation well above 2 per cent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Federal Open Market Committee said in a statement Wednesday following a two-day policy meeting.

Brent crude rose $1.67, or 1.9 per cent, to $89.87 by 10:40 a.m. EST (1540 GMT), after hitting $90.02, the first time the global benchmark has broken that level since October 2014.

Thursday is likely to see a jittery start to the day; the levels of 17300 and 17430 may act as immediate resistance points. The supports come in at 17180 and 17000 levels. The trading range is expected to stay a little wider than usual.

The Dow Jones Industrial Average rose 223.09 points, or 0.65 per cent, at the open to 34,520.82.

The stock market is likely to indicate the outlook for the crypto market. The stock market is having another rough ride, said Anndy Lian, Chairman, BigONE Exchange.​

Marketmen tracking the sector are anticipating higher allocation towards production linked incentive (PLI) schemes for the healthcare sector for capacity building of sensitive APIs, complex excipients, drug intermediates, biopharmaceuticals and medical devices.

The strongest argument for reducing customs duty is related to what it can do for the economy, chiefly through employment generation and export promotion. However, for this to come about, we must turn away from the bean counting around forex outflows to the positive externalities that would likely present itself over time.

Most analysts are bullish on the edible oil major’s prospect after listing and advise investors to subscribe to the issue.

Investors fear there may be still more to come. Some on Wall Street worry that on Wednesday, the Fed may signal a forthcoming half-point increase in its key rate.