US stocks stumbled on Wednesday after a key inflation report showed an unexpected uptick in consumer prices last month. The Dow Jones Industrial Average fell over 1.4%, or more than 500 points, while the S&P 500 dropped about 1.3%. The tech-heavy Nasdaq Composite was down about 1.2%. Meanwhile, bond yields soared. The 10-year Treasury yield gained as much as 20 basis points on Wednesday afternoon, hitting nearly 4.57%, its highest level since November 2023. The Consumer Price Index rose 0.
According to the CME FedWatch tool, around 80% of bets are now on the Fed holding steady at current rate levels in June. More than half of investors also expect the central bank to leave the rate unchanged through its July meeting. Still on deck Wednesday are the minutes from the Fed's meeting in March, likely to be highly scrutinized for any hints of crumbling in policymakers' expectations for rate cuts.
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