Wall Street ends sharply lower as hot inflation sparks sell-off
After the release of the inflation data, bets by traders for a rate reduction in May of at least 25 basis points dropped to 36.1 per cent, from about 58 per cent before the data, while expectations for June stood at 74.3 per cent, the CME FedWatch tool showed.
The small-cap Russell 2000 index also fell. (Image source | Reuters)