Wall Street

Inflation Shock: June CPI Surges to 9.1%, Fed Hike Rate Bets Accelerate As Core Prices Climb; Stocks Slump

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The Street

By Martin Baccardax Bets on a 1% Fed rate hike later this month, essentially non-existent last week, are starting to accelerate following a faster-than-expected reading for June inflation. Updated at 8:47 am EST U.S. inflation accelerated to a fresh forty-year last month, data from the Bureau of Labor Statistics indicated Wednesday, challenging bets that consumer price pressures are starting to peak in the world’s biggest economy. The headline consumer price index for the month of June was estimated to have risen 9.1% from last year, up from the 8.6% pace recorded in May and firmly ahead of th…

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