North American stock markets closed with losses, on the eve of another monetary policy decision by the US Federal Reserve. The market believes that the central bank will keep interest rates high for a longer period in order to curb inflation, especially at a time when oil prices are rising to their highest levels in several months.

Brent crude from the North Sea, a benchmark for European imports, was trading at around $95 a barrel on Tuesday. The rise in crude oil prices generates fears of a further increase in consumer prices, which prompts caution in the market. This is because high energy prices helped push the United States into recessions in the past, particularly in the mid-1970s, early 1980s, and 1990s.

The Standard & Poor’s 500 index lost 0.22% to 4,443.95 points, the Dow Jones Industrial Average lost 0.31% to 34,517.73 points, and the Nasdaq technology index fell 0.23% to 13,678.19 points.

Investors will pay special attention to A map showing how each central bank representative estimates changes in interest rates, a “dot chart”, anticipating clues about next steps.

Among the major moves during trading, Amazon stock fell 1.68% to $137.63, on the day it announced that it would hire 250,000 workers in its logistics department, indicating confidence in the holiday season.

Shares of Maplebear, which operates under the Instacart brand, rose 12.33% to $33.70, in its stock market debut.