US stocks plunge after September inflation surpasses expectations to hit highest level since 1982

The September'sCPI report showed that inflation is at levels not seen in four decades.

Inflation hit 0.4% in the month, double what was expected. The rise in the consumer price index was above estimates for a rise of 8.1%. The consumer price index rose 0.6% month-over-month, which was better than the estimates for a rise of 0.4%.

Hopes that the Fed will soon stop hiking rates were dashed by the hotCPI report. The Fed is expected to raise interest rates in November and December.

After the UK government signaled a policy reversal of its proposed tax cut plans, the S&P 500 was up about 1%.

Shortly after the 9:30 a.m., the US index stood here. On Thursday, it's open.

Ian Shepherdson is Pantheon Macro's chief economist. There is downward pressure on inflation, but it is not seen in the numbers.

There are other things happening this morning.

Commodities and bonds are included.

• West Texas Intermediate crude oil fell 1.25% to $86.18 per barrel. Brent crude, oil's international benchmark, dropped 0.79% to $91.72.
• Gold fell 1.19% to $1,656.10 per ounce.
• The yield on the 10-year Treasury soared 16 basis points to 4.06%.
• Bitcoin fell 3.96% to $18,334, while ether fell 5.91% to $1,210.