The red-hot CPI spooked markets on Tuesday.
The persistence of rising inflation has put the Fed on an aggressive path of rate hikes, cementing the prospect of a sharp hike, with 75 basis points or even 100 basis points announced at its meeting next week.
Meanwhile, gasoline prices fell 10.6% in August, the biggest monthly drop in more than two years. However, it has little effect on pulling down the CPI, and the core CPI data hit record highs.
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Crude oil prices fell by nearly 7% on Tuesday as fears of a recession mount—a scenario that could put a dent in oil demand.
The price of WTI crude oil slipped $9.01 per barrel by 12:37 pm ET below $100 per barrel to $99.42 (-8.31%), while Brent crude sank $10.41 per barrel to $103.10 (-9.17%).
Also on Tuesday, a Citi report suggested that oil prices could fall to as low as $65 per barrel by the end of this year and as low as $45 by the end of next year i...

“Price gouging needs to be stopped,” Pelosi said at a press conference. “This is a major exploitation of the consumer.”
The U.S. president would have the authority to declare an emergency that would make the sale of gasoline at “excessive” prices illegal under legislation House Democrats plan to bring to the floor next week.
The effort, announced May 12 by House Speaker Nancy Pelosi, comes as Democrats seek to blame record high gaso...