Stocks Fall As Wall Street Braces For Huge Hike In Interest Rates

Newly released data on inflation sent immediate jolts into the markets as a growing number of traders expect another rate hike from the Fed.

Stocks are falling on Wall Street Wednesday after a highly anticipated report on inflation turned out to be even worse than expected.

The S&P 500 was 0.8% lower in early trading, and Treasury yields jumped as expectations built for the Federal Reserve to hike interest rates drastically to slow the nation’s rocketing inflation.

The Dow Jones Industrial Average was down 260 points, or 0.8%, at 30,720, as of 9:57 a.m. Eastern time, and the Nasdaq was 0.9% lower.