A ‘Mornings with Maria’ panel weighs in on the March Core CPI, the Fed’s expected rate cuts and their overall market outlook.
U.S. stocks sank across the board after hotter-than-expected inflation data dimmed hopes of a June rate cut by the Federal Reserve.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38375.88 | -507.79 | -1.31% |
| SP500 | S&P 500 | 5150.26 | -59.65 | -1.14% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16124.962411 | -181.68 | -1.11% |
The Dow Jones Industrial Average fell more than 500 points following the release of the data on Wednesday morning before paring some losses. The Nasdaq Composite and S&P 500 were also lower.
Treasury yields spiked, with the 10-year hitting 4.5% for the first time in 2024, and the 2-year yield hovering just below 4.9%.
INFLATION RUNS HOT IN MARCH
Dow Jones Industrial Average
WHY ARE GROCERIES STILL SO EXPENSIVE?
The consumer price index rose 3.5% annually in March and 0.4% vs. the prior month. Both exceeded economists’ forecasts. Core prices rose 3.8% annually. Rent costs rose 5.7%, while grocery prices climbed 1.2% on an annual basis. The price of lettuce was up 5.8% while beef and veal soared 7.6%.
Seventy-eight percent of market participants expect the Fed to hold rates steady at the June meeting, while 54% expect the same in July, as tracked by the CME’s Fed Watch Tool.
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