US stock futures tumbled and Treasury yields spiked higher after inflation data topped estimates, sealing expectations for another sharp interest rate increase. The dollar rallied.

Futures on the S&P 500 wiped out a 1% gain and slid more than 2% after data showed consumer prices surged anew last month. Bets rose that the Federal Reserve will raise rates by three-quarters of a percentage point when it meets next month. those on the Nasdaq 100 lost 3%

The two-year Treasury yield jumped 15 basis points. A dollar index added 0.4%. Meanwhile, the pound rallied on speculation the government may reconsider a controversial tax-cutting program.

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Key events this week:

Earnings this week include: JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, BlackRock Inc., Delta Air Lines Inc., UnitedHealth Group Inc., U.S. Bancorp, Wells Fargo & Co.
G-20 finance ministers and central bankers meet, Thursday
China CPI, PPI, trade, Friday
US retail sales, business inventories, University of Michigan consumer sentiment, Friday
BOE emergency bond buying is set to end, Friday

source :- bloomberg