S&P 500 falls 1.1% after September US inflation hits 3.7%

The S&P 500 fell 1.1% to 7,718.94 on October 14, its fifth loss in six days, after a report showed consumer prices 3.7% higher in September than a year earlier, above the 3.6% economists expected, and traders put the odds of a Fed rate hike at its next meeting near 35%. BNN Bloomberg

BNN BloombergU.S. stocks drop to their worst day since July as inflation worsensU.S. stocks dropped to their worst day since July on Wednesday following the latest signal that inflation is getting worse.

With the Fed having already raised rates in September, how much further can policy tighten before it starts to bite on growth?