The dip in the U.S. credit rating indicates that ratings agencies believe the government is at a higher risk of default on its debt. While the U.S. rating still remains relatively high, the decrease may make investors more hesitant to lend to the government, and demand higher compensation for lending in the form of higher interest rates.

Chicago Fed chief Austan Goolsbee called the April inflation report 'comforting' but said he needs to see several more as officials consider rate cuts

The European Central Bank may need to cut its key interest rate below the neutral level of 1.5%-2% to prevent inflation from falling below its 2% target in a frail economic setting, ECB policymaker Mario Centeno told a news briefing on Wednesday.

"What we've seen this year is that the U.S. stock funds are down negative. And the I Fund is up 9%," said Art Stein.

The headline rate of UK inflation jumped by more than expected to 3.5% in April, this morning's ONS report showed

Ghana's central bank will assess whether its current monetary policy stance is enough to continue driving consumer inflation lower, governor Johnson Asiama said on Wednesday.

The backdrop has many on Wall Street, including Morgan Stanley, updating their forecasts. The major investment firm recently released a midyear update that includes economic targets and shatters hopes for more Federal Reserve interest rate cuts this year.