Stocks extend slide as traders take an axe to rate bets

© Reuters. A man stands in front of an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan, July 28, 2023. REUTERS/Kim Kyung-Hoon/File Photo

The data has prompted traders to slash their bets on where U.S. rates will go this year. Futures now point to about 90 basis points worth of cuts from the Fed by December, roughly four quarter-point drops, compared to 110 bps prior to the data release and 160 bps at the end of 2023. "When you get a jump like this, and the year-on-year figures really show this rather than the monthly ones, that’s a shock because it just shows that it's not all plain sailing and we may get more increases in inflation," Trade Nation senior market analyst David Morrison said.

"If they do try intervention, I think it'll be near... the high from October 2022 and the high we saw in mid-November," said Tony Sycamore, a market analyst at IG.Yields on 10-year U.S. Treasuries struck their highest in over two months following Tuesday's inflation report, which gave the dollar a burst of strength.

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