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The consumer price index released on Wednesday rose 8.5% from the same period last year, lower than market expectations.

The Federal Reserve announced a 0.75% rate hike on Wednesday, the biggest single hike since 1994. After Jerome Powell clarified that a 0.75% hike was unusual, the market rose.

The April retail sales data, coupled with better-than-expected industrial production data, made the stock market rise on Tuesday.

On Wednesday, the Federal Open Market Committee (FOMC) announced a 0.5% interest rate hike, which was expected by the market.

The market continued to decline this week as company operating results were not as optimistic as expected. The spread reversal on April 1 (U.S. 2-year yields surpassing 10-year yields) is the most accurate recession predictor.