The surprising print — in which consumer prices grew 0.4% in March and 3.5% from a year earlier — prompted Goldman Sachs chief economist Jan Hatzius to adjust the firm's call to two rate cuts from three in 2024. He now sees the first rate reduction happening in July.
Real estate slid 4.1%, making it biggest loser among the 11 sectors of the S&P 500. Though all of the underlying stocks within the sector were negative, Those sectors also become less appealing to income-seeking investors when rates are high, as they may be drawn to yields from safer Treasurys rather than the dividends coming from real estate and utility stocks.It's not immediately apparent that regional banks fell as far as they did Wednesday in response to March's faster inflation and subsequent repricing of Treasury yields higher. After all, the S&P 500 Financial Index only fell 1.5% compared with a 1% drop in the S&P 500.
Drill down closer to regional banks to find the S&P 1500 Regional Bank Index, composed of all those in the S&P 500, the S&P Midcap 400 and S&P Smallcap 600, to see it down 4.5% Wednesday. Examples abound of the carnage: Long Island's
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