Besides stocks, prices also initially tumbled for bonds and cryptocurrencies immediately after the U.S. government released its report showing inflation is spreading more widely across the economy. One component that’s closely followed by policy makers and investors accelerated to its hottest level in 40 years.
Stocks in Europe also flipped from losses caused by the U.S. inflation data, while Treasury yields pulled back a little from their initial surge. The value of the U.S. dollar against other currencies sank after initially jumping. “Markets have talked themselves off a ledge, so to speak, and they’re a bit more hopeful,” said Kristina Hooper, chief global markets strategist at Invesco.
As the day progressed, and investors had more time to dig into the inflation report’s details, though, analysts said they perhaps saw some glimmers of hope. Even though what’s called “core” inflation accelerated last month, overall inflation including food and energy prices slowed by a touch. The two-year yield, which moves more on expectations for Fed action, rose to 4.43% from 4.29%. It crossed above 4.50% earlier in the morning.
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