Wall Street is being rattled by data that show exactly what stock traders did not want to hear: a significant slowdown in the US economy and persistent inflation pressures.
Stocks are getting hit across the board, with the S&P 500 extending its April slide - as the economic figures fuel “stagflation” jitters, bringing even more uncertainty to the path of Federal Reserve policy. Swap traders reacted accordingly - pushing back the timing of the first rate cut to December. Treasuries sold off, with two-year yields spiking to 5%.
For analysis, Paul Sweeney and Molly Smith speak with Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey on Bloomberg Radio.
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