SHANGHAI, Mar 15 - This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar traded little changed on Tuesday after strong consumer price data revived the likelihood that the Federal Reserve will hike interest rates next week as fears of turmoil spreading in the banking sector faded.

The dollar index, a measure of the greenback against six other currencies, fell 0.087% as Treasury yields jumped a day after the two-year note, which moves in step with interest rate expectations, plunged the most in a single day since 1987.

The Consumer Price Index (CPI) rose 0.4% last month after accelerating 0.5% in January. In the 12 months through February, the CPI increased 6.0%, a slower pace than the 6.4% annualized gain in January, but still far off the Fed’s 2% target.

Americans faced persistently higher costs for rental housing and food in February, challenging the Fed to bring inflation under control while stabilizing financial markets after the bank failures.

U.S. stock futures were slightly lower in overnight trading after bank shares rallied on Tuesday, and investors shook off fears that recent banking turmoil would spread to the broader sector.

Futures tied to the Dow Jones Industrial Average dipped 30 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures each traded about 0.1% lower.

The overnight moves followed a positive day for the three major averages. The Dow Jones Industrial Average adding 336 points to snap a five-day losing streak. The Nasdaq Composite gained 2.14%, while the S&P 500 jumped 1.65%.

Oil prices dropped about 3% to a nine-week low on Tuesday after a U.S. inflation report and the recent U.S. bank failures sparked fears of a fresh financial crisis that could reduce future oil demand.

Brent futures fell $2.53, or 3.1%, to $78.24 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.48, or 3.35, to $72.32.

Gold Gold fell on Tuesday as a rise in Treasury yields took the shine off bullion’s recent rise that was driven by the U.S. banking crisis, while an uptick in U.S. inflation in February raised more questions than answers on interest rates.

Spot gold fell 0.2% to $1,909.55 per ounce. U.S. gold futures dropped 0.3% to settle at $1,910.90.

Gold showed little reaction to U.S. Consumer Price Index (CPI) data, which showed a 0.4% rise on a monthly basis in February, as expected, after accelerating 0.5% in January.

European stock markets climbed on Tuesday as traders digested the aftershocks from Silicon Valley Bank’s collapse and reacted to U.S. inflation data.

The pan-European Stoxx 600 index closed 1.45% higher provisionally, with all sectors in the green. Germany’s DAX and France’s CAC 40 both clawed back around 1.7% after declines of roughly 3% each on Monday.