It's never left, but it's getting worse again.
A higher-than-expected January inflation reading has pushed out Wall Street’s collective forecast for interest-rate decreases in 2024. Markets now don’t expect a cut until June, and a resumption of Federal Reserve rate increases could even be in play.
Stocks were selling off on Tuesday, with the S&P 500 down 1.2% and the Dow Jones Industrial Average off 455.18 points, or 1.2%. Bond yields jumped—the two-year U.S. Treasury note yield hit 4.61%, up by 0.11 percentage point to its highest level in about two months.
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