A hot inflation print in the form of Wednesday's Consumer Price Index caused stocks to sag and bond yields to rise once again.
Markets had essentially traded sideways in the early days of April as market participants recalibrated their bets on when the Federal Reserve will begin cutting interest rates. Although the central bank remains committed to three cuts in 2024, sticky inflation, a robust labor market and strong economic growth have pushed back expectations for when the Federal Open Market Committee (FOMC), the Fed's rate-setting group, will start easing.
