Stocks Fall With Bonds as CPI Curbs Fed-Pivot Bets: Markets Wrap

(Bloomberg) -- Stock futures joined losses in bonds as hotter-than-estimated inflation data bolstered speculation the Federal Reserve will be in no rush to cut interest rates.

Equities were set to extend their April losses, with S&P 500 contracts falling after the consumer price index underscored the bumpy path policymakers face in bringing inflation back to the 2% target. Treasury 10-year yields rose to around 4.5%. Fed swaps priced in only 50 basis points of easing in 2024.

A measure of underlying US inflation topped forecasts in March for a third month, signaling a bumpier path to taming price pressures. The so-called core consumer price index, which excludes food and energy costs, increased 0.4% from February, according to government data out Wednesday. From a year ago, it advanced 3.8%, holding steady from the prior month.

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