Offsetting the tepid employment outlook, which forms one part of the Fed’s mandate, is the inflation question. Members of the FOMC are mindful that inflation remains comfortably ahead of its 2% target, a trend that is likely to come into even greater focus during a period of high consumer spending.

In late September, Fed Chair Powell delivered a speech in Rhode Island, where he was questioned about the variables the Fed's Board of Governors considers when making monetary policy decisions. In particular, he was asked if movements in the stock market factor into the central bank's decision-making process.

In the midst of the current economic turbulence, Bill Gross, a seasoned bond manager on Wall Street, has made a bold prediction about the Federal Reserve's upcoming actions.

More swings hit Wall Street on Friday, except the U.S. stock market finished higher this time. After bobbing up and down through the morning, the S&P 500 took off and rallied nearly 2% before finishing with a gain of 1%.

The stock market faces significant challenges in the near term, including high valuations, a weakening economy, and dismal consumer sentiment.

A new Fed chair could reshape U.S. interest rate policy, directly influencing borrowing costs, inflation, and market sentiment for investors and consumers alike.

The Indian stock market closed lower on Monday, with the Sensex down 331 points and the Nifty 50 dropping by 108 points. Despite this, the market remains near all-time highs, as experts cite profit-taking and caution among investors ahead of significant event risks.