By Scott Kanowsky
Investing.com — U.S. futures slipped early Monday after major indices on Wall Street posted their worst week since January.
As of 0253 EST (0653 GMT), were lower by 1.31%, contracted by 1.71%, and tech-heavy were down 2.15%.
The indices fell last week as concerns over soaring prices mounted following the release of the latest U.S. inflation reading. May’s came in at 8.6% – the highest reading since 1981.
“In the space of a few days, markets have gone from optimism that inflation might be on the cusp of plateauing, to rising apprehension that we could not only see higher prices, but that prices might well remain higher for a lot longer than originally thought,” wrote CMC Markets Chief Markets Analyst Michael Hewson in a note on Monday.
The is scheduled to meet this week, with by a half-percentage point in a bid to tame inflation. But fears remain that the Fed will act aggressively and potentially plunge the economy into a recession.
Meanwhile, the U.S. treasury yield rose to its highest level since late 2007. The benchmark U.S. yield also moved higher, adding on to gains made on Friday.