Thursday's rout in risk assets came as Treasury yields spiked in reaction to the hottest inflation reading in four decades.
Stock futures were flat in overnight trading Thursday after a sharp sell-off on Wall Street spurred by the hottest inflation reading in four decades.
Thursday's rout in risk assets came as Treasury yields spiked in reaction to data that showed consumer pricesthe highest gain since February 1982. The 10-year Treasury yield jumped above 2% for the first time since 2019, while the rate-sensitive 2-year yield soared more than 26 basis points at one point in its biggest intraday move since 2009.
Futures market also repriced rate-hike odds as CME data pointed to a near-100% chance of a 50-basis-point increase at the March meeting. Meanwhile, the market is forecasting a more aggressive schedule for the rest of this year, calling for as many as seven hikes. "While the time has come to move policy persistently and aggressively away from overly accommodative conditions, and toward a more neutral and appropriate stance, executing on this pivot is going to be a real challenge for policymakers," Rieder said.
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