The longer the heavily touted U.S. recession fails to materialize, the more doubt is cast over the relevance and usefulness of leading economic indicators that have accurately predicted every downturn for decades.

Federal Reserve Bank of New York President John Williams said the central bank is not done raising its short-term rate target, in an interview with the Financial Times published on Tuesday.

Federal Reserve Bank of New York President John Williams said the central bank is not done raising its short-term rate target, in an interview with the Financial Times published on Tuesday.

Asian shares nudged higher and the dollar was at a two-month low on Wednesday ahead of crucial U.S. inflation data that will help gauge whether the Federal Reserve is at the end of its aggressive rate hike policy.

Oil prices rose in Asian trade on Wednesday, with Brent coming close to bullish levels as the dollar sank ahead of key U.S. inflation data, while Chinese stimulus measures and a potential build in U.S. stockpiles were also in focus.

The dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key U.S. inflation reading, while sterling scaled a 15-month top on expectations the Bank of England (BoE) has further to go in raising rates.