Two hot inflation prints lifted Fed rate hike odds to 90%, diesel topped $6 a gallon for the first time and the 30-year Treasury yield hit its highest since 2007.

US stocks fell as Brent crude surged 6% to $107 a barrel and Treasury yields climbed to multi-year highs. Rising energy prices and producer inflation data strengthened…

Markets are now betting on a 90% chance of a rate hike at Wednesday's Fed policy meeting.