U.S. Stock Futures Are Lower Following Friday's Higher Than Expected CPI Data

U.S. stock futures are lower:  Following Friday’s higher than expected CPI data, equity futures and global markets are lower.   The Fed starts its two-day policy meeting on Tuesday and rate announcement on Wednesday afternoon with most investors anticipating a 50-bps increase.  However, markets are nervous about more aggressive hiking this year following recent data and resulting in a possible recession.  The 10y treasury yield is trading at 3.26% compared to its closing level of 3.16%.   International markets are lower.  The high yield spreads have widened out but still remains below 400 bps and investment grade spreads are also wider.