Wall St falls as hot inflation data dampens early rate-cut hopes
© Reuters. Traders work on the floor at the New York Stock Exchange in New York City, U.S., February 12, 2024. REUTERS/Brendan McDermid
A Labor Department report showed U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and healthcare.Trader bets for an at least 25-basis-point rate reduction in May dropped to 38.7%, from about 58% before the data, while expectations for June stood at 78%, the CME FedWatch tool showed.
"Today, market sentiment is getting a reality check and you just cannot escape the fact that the Fed may have to be more cautious."
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