Fed could raise rates by 75 bps in November -strategist

STORY: The three major U.S. stock indexes on Tuesday notched their biggest one-day percentage declines since June 2020 after an unexpectedly hot consumer price index (CPI) report cemented bets that the Federal Reserve would go ahead with the third straight 75 basis points increase in interest rates next week.

"Any time we had the year-on-year change in CPI exceed 6.5% we fell into recession," said Stovall, adding that his firm still believes the Fed can orchestrate a "soft landing."