Traders look on as a screen shows Federal Reserve Chairman Jerome Powell’s news conference after the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019.
Brendan McDermid | Reuters
Red-hot consumer inflation data for April spooked markets and raised concerns that the Fed is wrong about rising prices being just temporary.
If the Fed is incorrect, that means that it could begin to unwind its easy policies quicker than expected and ultimately raise interest rates.
The Consumer Price Index for April rose 4.2% from a year ago, the briskest pace since September 2008. Economists had expected a big number, of 3.6%,…