The MSCI All World stock index edged 0.07% higher, the Stoxx 600 down 0.59%, futures for the U.S. S&P 500 stock index were down 0.11%

Global stocks eked out small gains and the dollar slipped on Wednesday on hopes that central banks will stop raising interest rates in early 2023 following the latest U.S. data that showed a slowdown in inflation.

Yet nervousness about the next moves by policymakers kept gains in check ahead of a Federal Reserve meeting later on Wednesday and central bank decisions in Europe and Britain on Thursday.

The subdued price moves followed a rally in stocks and a sharp drop in the dollar the previous session when the consumer prices data was released.

The U.S. consumer price index increased 0.1% last month, 0.2 percentage points slower than economists expected. In the 12 months through November, headline CPI climbed 7.1% – its slowest pace in about a year.

Data on Wednesday showed British inflation also moderated more than anticipated in November.

The MSCI All World stock index edged 0.07% higher, with European shares slipping, but Asian markets rising overnight.

In currency markets, the dollar fell for the second straight day. It was last down 0.49% against Japan’s yen to 134.92. The euro was up 0.21% against the greenback at $1.065.

The dollar index was 0.24% lower at 103.83 after hitting a six-month low of 103.57 the previous day.

Susannah Streeter, senior markets analyst at Hargreaves Lansdown, said investors were in a ‘wait-and-see mood’ ahead of the Fed rate decision.

There was that pop we saw in markets, but then there’s a realisation perhaps dawning that it’s not necessarily going to be an easy path ahead, it’s a long way down, she said of U.S. inflation.

European stocks fell, with the continent-wide Stoxx 600 down 0.59% after rising 1.3% in the previous session.

Futures for the U.S. S&P 500 stock index, meanwhile, were down 0.11%.

The yield on benchmark 10-year U.S. Treasuries was little changed at 3.501% after tumbling 11 basis points (bps) on Tuesday. Yields move inversely to prices.

It’s hard to see where more good news is going to come from on the inflation front,’ said Jonas Goltermann, senior global markets economist at Capital Economics. The question for next year is are we going to get all the way back down to 2%.