The index dropped 3.3% in the first chance for investors to trade after getting the weekend to reflect on the stunning news that inflation is getting worse, not better. The Dow Jones Industrial Average was down 741 points, or 2.4%, at 30,651 as of 3:05 p.m. Eastern time, and the Nasdaq composite was 4% lower.
Some economists are speculating the Fed on Wednesday may raise its key rate by three-quarters of a percentage point. That's triple the usual amount and something the Fed hasn't done since 1994. Traders now see a 28% probability of such a mega-hike, up from just 3% a week ago, according to CME Group. The 10-year yield jumped to 3.37% from 3.15%, and the higher level will make mortgages and many other kinds of loans more expensive. It touched its highest level since 2011.
In Asia, indexes fell at least 3% in Seoul, Tokyo and Hong Kong as worries also rose about business-slowing, anti-COVID restrictions in China. In Europe, Germany's DAX lost 2.4%.
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