Shares of Wells Fargo (NYSE: WFC) traded nearly 4% lower as of 1:29 p.m. ET today, largely because of worse-than-expected inflation data but also as management discussed some macro headwinds at a conference today.

August data from the Consumer Price Index (CPI) showed that consumer prices stayed more elevated than economists had predicted, with the CPI rising 0.1% from July and coming in 8.3% higher year over year.

The thought of longer-lasting inflation and the Federal Reserve having to stay hawkish for longer has put the market deep in the red today.

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Source Fool.com