The Dow Jones Industrial Average was down 156.66 points, or 0.46%, at 34,089.27, the S&P 500 was down 1.16 points, or 0.03%, at 4,136.13, and the Nasdaq was up 68.36 points, or 0.57%, at 11,960.15.
Investors expected the Fed to raise interest rates longer than expected. following the United States revealed higher-than-expected inflation numbers today
The latest CME Group FedWatch Tool indicates investors expect the Fed to raise interest rates three more times at its meetings in March, May and June, to a maximum range of 5.25-5.50%. and maintain the interest rate at that level before cutting interest rates by 0.25% in December
The U.S. Department of Labor releases the Consumer Price Index (CPI), a measure of inflation driven by consumer spending. March today, with all CPI numbers above analyst expectations.
The headline CPI, which includes food and energy, rose 6.4 percent in January year on year. This was higher than analysts’ expectations of 6.2%.
Month-on-month, the headline CPI rose 0.5% in January, beating analysts’ expectations of 0.4%.
Core CPI, which excludes food and energy, rose 5.6 percent in January year on year. That was above analysts’ expectations of 5.5%.
Month-on-month, core CPI rose 0.4% in January, beating analysts’ expectations of 0.3%.
