The Dow Jones Industrial Average fell 198.77 points, or 0.59%, to 33,402.38, the S&P 500 lost 23.91 points, or 0.58%, to 4,100.6, and the Nasdaq Composite dropped 63.13 points, or 0.52%, to 12,126.33.The Fed and other central banks have beento bring down inflation, and investors have been trying to gauge how much longer the tightening cycle will continue.
On Tuesday, rate futures markets were pricing in a roughly even chance of a 25-basis-point rate hike in May, with the rest of the odds tilted toward a pause from the Fed. On Monday, the probability of a 25-bps hike was more than 65%.
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