The U.S. financial markets are bracing for a more aggressive Federal Reserve and a deeper economic downturn following the latest inflation data.
The Dow Jones Industrial Average plunged more than 800 points, the S&P 500 dropped nearly 3 percent, and the Nasdaq Composite Index plummeted more than 400 points.
Treasury yields were green across the board, with the benchmark 10-year yield up nearly 13 basis points to 3.17 percent. The 2-year note also climbed 22 basis points to a 14-year high of at least 3 percent.
Traders also poured into the greenback as the U.S. Dollar Index (DXY), a gauge of the buck against a basket of currencies, rallied past 104.00 on Friday….