Stock futures fell and bond yields jumped after inflation hit a new four-decade high, boosting investor expectations that the Federal Reserve will continue to tighten monetary policy to control rising prices.
S&P 500 futures fell 1.6 percent after trading higher ahead of data showing consumer price inflation accelerated to 9.1 percent in June. This marked an increase from the 8.6% recorded in May and was a higher rate of inflation than economists had expected.
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