- Dow Jones Industrial Average suffered its steepest daily fall in 52-weeks on Wednesday, dipping nearly 1%
- Labor Department released a report on Wednesday showing that consumer prices rose 0.3% in March
- Coinbase lost around 40% in two market sessions
- Powell said last week that the Fed wasn’t seriously considering a 75bp increase at the next two meetings
- Consumer price index accelerated 8.3% in April – more than expected!
The Dow Jones Industrial Average suffered its steepest daily fall in 52-weeks on Wednesday, dipping nearly 1%. But it wasn’t enough – thanks to an ugly reversal within tech stocks which sent other sectors tumbling as well including industrials and mining shares due largely from worries about higher inflation rates stimulated by recent data showing how much trouble this economy still has ahead.
The Labor Department released a report on Wednesday showing that consumer prices rose 0.3% in March, more than expected but still slower than last year’s rate of 8%. It seems sharp fretful investors may have been right after all when they noticed an alarming trend earlier this month.
The Federal Reserve may be about to change its tune on policy, with many economists now predicting that inflation is nearing a peak.
“Powell said last week that the Fed wasn’t seriously considering a 75bp increase at the next two meetings. After today’s CPI report, it may warrant some consideration,” Jefferies said in a note.
On the cryptocurrency side, Coinbase lost around 40% in two market sessions.
One of the top financial minds on Wall Street has thrown his weight behind Coinbase, claiming that there is still an opportunity for long-term investors in this cryptocurrency trading platform.
The cost of living is on a continued rise, and it’s not just the fetched theory anymore. The consumer price index accelerated 8.3% in April – more than expected! This means that inflation has reached its highest level since 1980.
The cost of living is steadily rising, and it’s not just because the gas prices are higher than ever before. Core CPI excluding food & energy increased by 6%.
The cost of shelter is on a steady rise. The current pace, which accounts for about one-third of the CPI (Consumer Price Index), has been increasing at its fastest rate since 1991.
