‘Horrible CPI’ Has Some Bracing for Jumbo Hike: Wall Street Reacts
- Core gauge of prices surges to 40-year high in September
- ‘We are looking for 5% terminal” rate: TD’s Priya Misra
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Wall Street hopes that the Federal Reserve might be able to ease up on its battle against inflation later this year were decisively dashed Thursday when consumer price index data for September came in unexpectedly hot. Core CPI, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982.
Stock futures on the S&P 500 sank below 2% after rising as much as 1.3%, and 10-year Treasury yields jumped above 4%.