U.S. stocks tumbled to a lower close Wednesday after hotter-than-expected inflation data threw cold water on hopes that the Federal Reserve would begin cutting interest rates as early as June.
Minutes from the Fed's March policy meeting reflected concerns that inflation's progress toward that target might have stalled, and restrictive monetary policy may need to be maintained for longer than anticipated. "Anything related to rates has clearly been hit hard today, from real estate to housing to small caps," Detrick said.
Investors will now focus on Thursday's producer prices report for a clearer picture of March inflation, and the unofficial kick-off of first quarter earnings season. On Friday, a trio of big banks — JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. — are slated to post results.
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