Posted 1/11/2024, 3:38:37 PM
Stocks Slip, Crypto Rallies as Hot Inflation Data Sparks Fed Rate Hike Uncertainty
- US stocks slipped on Thursday after hotter than expected inflation data raised questions about the Fed's interest rate path
- December CPI rose 0.3% month-over-month and 3.4% year-over-year, slightly above economist forecasts
- Crypto stocks rallied, with Coinbase and Marathon Digital climbing on news of regulatory approval for US spot bitcoin ETFs
- Ahead of earnings, Citigroup said it will take over $3 billion in charges in Q4 results
- Markets still expect the Fed to begin cutting interest rates in March despite the hot inflation print