Market turbulence ensues as S&P 500 futures plummet nearly 100 points within minutes following March CPI inflation data. Rising inflation for the second consecutive month sparks concerns and fuels speculation about potential rate cuts.
BREAKING: S&P 500 futures are now down nearly 100 points in less than 10 minutes after March CPI inflation.
The 3.5% inflation print was the second straight monthly increase, the first 2-month jump since September 2023.
It was also the 4th straight month with CPI coming in… pic.twitter.com/RzWcdLhJMH
— The Kobeissi Letter (@KobeissiLetter) April 10, 2024
Most of inflation measures have been rebounding:
Atlanta Fed Sticky CPI, Core CPI, Core PCE, Cleveland-Trimmed Mean CPI, Cleveland Median CPI, Core PPI, 2-Year and 5-year Breakevens (inflation expectations)
Market is pricing less than 2 cuts this yearhttps://t.co/mVL0Ze91JG
— Global Markets Investor (@GlobalMktObserv) April 10, 2024
Sorry but I think rates have to go higher.
This is 3 months in a row of higher inflation numbers
— QE Infinity (@StealthQE4) April 10, 2024
Rick Santelli on CNBC:
“We’re not making progress on bringing down inflation”
— QE Infinity (@StealthQE4) April 10, 2024