The slump follows a record-shattering performance in 2021, and all the major indexes remain above their levels before the pandemic began in 2020. Still, inflation has pulled on the stock market like an anvil, depressing consumer and business sentiment and forcing political leaders to scramble, while a compounding array of geopolitical uncertainty added to the volatility.
The central bank has raised its benchmark interest rate three times this year and signaled that four more hikes are on deck. The, came in at three-quarters of a percentage point, the central bank’s largest since 1994. In sharp contrast to the first year of the pandemic, when the Fed and Congress moved with blazing speed to shore up the American economy, monetary policy this year was designed to clamp down on an economy running too hot. Then the Fed’s rhetoric around fighting inflation grew far more aggressive. Exacerbated by Russia’s invasion of Ukraine and the sprawling international sanctions, energy and commodity prices shot up.
Thursday by the Bureau of Economic Analysis. The BEA’s measure of inflation remained steady at 6.3 percent.On Thursday, the core personal consumption expenditures index, the Fed’s preferred gauge of inflation, rose 4.7 percent. That’s 0.2 percentage points less than the month before, but still close to a four-decade high. Economists had expected the index to come in at 4.8 percent, according to CNBC.
The stock market is just a chart of wealthy people's feelings.
Opportunity 🙌
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street plunges, S&P 500 set for worst first-half since 1970U.S. stocks tumbled on Thursday, setting the S&P 500 for its worst first six months since 1970, on concerns that central banks determined to tame inflation will hamper global economic growth. This president and his liberal cabinet is the worst thing our country has experienced in 50+ years. I don’t believe they could have tanked our country any worse, even if that was the plan. I’m disgusted.
Source: Reuters - 🏆 2. / 97 Read more »
S\u0026P 500 Forecast: Index Stabilizes WednesdayThe S&P 500 did very little Wednesday, and considering how rough the selloff was on Tuesday, one has to look at that as a bit of a moral victory. Forex Stocks
Source: Daily_Forex - 🏆 567. / 51 Read more »
Nevada County wildfire threatens 500 buildingsA wildfire in Northern California has forced evacuations as it threatens about 500 homes and other buildings. Authorities say the blaze erupted Tuesday afternoon near the Yuba River in Nevada
Source: sfexaminer - 🏆 236. / 63 Read more »
Northern California Wildfire Threatens 500 BuildingsA wildfire in Northern California has forced evacuations as it threatens about 500 homes and other buildings. Authorities say the blaze erupted Tuesday afternoon near the Yuba River in Nevada County and has spread to more than 500 acres. Fire officials say power lines also are threatened in the Sierra Nevada area and there are unconfirmed reports that some buildings may have burned. Another blaze that erupted Tuesday morning in San Luis Obispo County threatened about 50 buildings and is only partially contained. However, no building damage or injuries are reported. They’re among several Northern California fires that erupted Tuesday as the state bakes under summer heat.
Source: nbcbayarea - 🏆 596. / 51 Read more »
Santa Rosa man arrested for over 500 pounds of illegal fireworksIn mid-June, detectives from the Santa Rosa Police Department's Property Crimes Team received information about an individual that was in possession of a large quantities of illegal and dangerous fireworks.
Source: KPIXtv - 🏆 443. / 53 Read more »
Northern California Wildfire Threatens 500 StructuresA wildfire in Northern California has forced evacuations as it threatens about 500 homes and other buildings.
Source: nbcbayarea - 🏆 596. / 51 Read more »