After January’s consumer pricing report sparked concerns about inflation reoccurring and a surge in interest rates, stocks fell. By 459 points, or 1%, the Dow Jones Industrial Average fell.
Together with the Nasdaq Composite, the S&P 500 saw a 1% decline. The consumer price index for January increased by 0.5%, resulting in a 3% annual inflation rate.
The numbers were significantly greater than the corresponding 2.9% and 0.3% increases predicted by the Dow Jones.
Core CPI increased 3.3% over the previous 12 months and 0.4% over the month, both of which were higher than anticipated, excluding volatile food and energy prices.
After receiving the data, the 10-year Treasury yield—a standard for mortgage rates and other lending—rose above 4.6%.
Source (CNBC)
