would most likely result in further selloffs in the equity and crypto market, according to 21.co research associate Adrian Fritz."Since this would lead to an even more hawkish Fed, that is expected to announce another interest rate hike next week," he said.
The S&P 500 was down almost 3% at the time of writing, while the Nasdaq composite shed a little over 4%, with markets digesting the the surprise data with just eight days to go to the Fed's next decision on interest rates. Ahead of the inflation news traders had been factoring in a hike of 75 basis points, however, according to the CME's FedWatch dashboard the market is now predicting an 20% probability of a 100-basis-point hike at next week's meeting.
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