U.S. stocks dropped on Wednesday as turbulence at Credit Suisse revived fears of a banking crisis, eclipsing bets of a smaller interest rate hike in March following weak economic data.
Meanwhile, data showed retail sales fell 0.4% last month from a 3.2% growth in January, while economists polled by Reuters had expected a contraction of 0.3%.fell in February, offering some hopeful signs in the fight against inflation.
The data, which came on the heels of a reading on Tuesday showing a moderation in consumer inflation last month, fueled hopes of a less hawkish Fed policy as a cooling in demand could persuade the central bank to slow the pace of its rate hikes. U.S. Treasury yields tumbled, with traders now expecting equal chances of a 25-basis-point rate hike and a pause at the Fed's March meeting.
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