Stocks extended this month’s slide as a stronger-than-anticipated inflation reading reinforced speculation that the Federal Reserve won’t cut interest rates in the near term. Bonds trimmed gains slightly.
S&P 500 futures fell 0.9%. The yield on 10-year Treasuries declined two basis points to 3.98%. The dollar wavered. Money markets are projecting at least two rate cuts this year, with the first one fully priced in July.
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