Good morning. Inflation worries dominate, Elon Musk sinks Bitcoin prices and a series of developments on vaccines. Here’s what’s moving markets.
Inflation fears have been at the forefront of investors’ minds for some time now, but that has come sharply into focus this week. On Wednesday, data showed U.S. consumer prices jumped the most since 2009, well ahead of expectations, a print that roiled a variety of assets. Whether price pressures prove to be a transitory risk, as Federal Reserve officials have consistently said, will continue to be a central question for markets. As will bets on when the Fed may hike rates and on how long it could take for inflation readings to settle down. European stocks mostly shrugged off the worries on Wednesday but futures are trending lower following declines in Asia and the U.S.