Wall Street's main indexes fell on Wednesday as Treasury yields surged.
U.S. manufacturing contracted for a fourth straight month in February, while a measure of prices paid by manufacturers rebounded to 51.3 in February from 44.5 in January.expectations the Fed will raise rates in coming months to a 5.5%-5.75% range by September, from the current 4.50%-4.75% range.
That's higher than where Fed policymakers in December signaled they would need to raise the policy rate. U.S. monthly payrolls and consumer prices reports in the coming days will further help investors gauge the path of interest rates ahead of the Fed's March 21-22 meeting. Money market traders see an about 80% chance of a 25-basis-point rate hike later this month, but the odds of a bigger 50 bps rate hike have grown recently.he is "open-minded" on either a 25 basis point or a 50 basis point rate hike in March.monetary policy will have to remain tight "until well into 2024".
The main U.S. benchmarks ended February with losses as investors braced for the possibility that the Fed will hike rates more than initially thought on signs of resilience in the economy.
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