Premarket: Markets on hold ahead of Fed, but U.K. data stirs rate pause talk

News Snapshot:

Stocks struggled for headway on Wednesday while U.S. Treasury yields held near multi-year highs as surging oil prices stoked inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer. In Europe, sterling came under pressure after data showed Britain’s high inflation rate fell unexpectedly in August, prompting speculation that the Bank of England could pause its historic run of interest rates hikes as soon as Thursday. Brent crude futures fell 1% and eased off 10-month highs. But at around $93.50 a barrel, prices remain up 30% in three months as Saudi Arabia and...