Tech sell-off deepens, dents rate hike bets

A sell-off in technology shares has intensified, and the decline has been sufficient to weaken market bets on further interest rate increases. The transmission runs through two channels: equity-led risk-off sentiment reduces financial conditions, while softer tech valuations lower the wealth effect and tighten the outlook for investment, pulling down expectations for policy tightening. Rate-sensitive segments such as long-duration growth stocks and the Nasdaq-heavy indices are most exposed, while Treasury yields are likely to ease as futures pricing for hikes is marked down. The next catalyst to watch is the upcoming consumer price index release, since any upside surprise would test whether the recent repricing of rate expectations is durable or merely a reaction to equity weakness.

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