Fresh data on the surging economy stoked further fears on Tuesday that the Federal Reserve will ultimately raise interest rates to head off inflation.

The latest reading by the National Association of Purchasing Managers of manufacturing activity was far stronger than expected, causing bond and bank stock prices to plummet.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.