US Inflation Soars Above Forecasts, Stoking Selloff and Rate Hike Fears
• U.S. inflation reading for January came in hotter than expected at 3.1% year-over-year, leading to a stock market selloff • S&P 500, Dow, and Nasdaq futures all fell over 1% following the inflation report • Bond yields jumped higher, with the 10-year Treasury yield rising to 4.26% • The inflation data may force traders to push out forecasts for when the Fed will cut interest rates • In Asia, Japan's Nikkei index topped 38,000 for the first time in 34 years, while Australia's market edged slightly lower