XPost: alt.politics.trump, talk.politics.guns, talk.politics.misc   
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   From: bidenomics-from-your-pocket-to-joes@jan6.org   
      
   On 01 Nov 2021, RichA  posted some   
   news:slq036$d2f$106@news.dns-netz.com:   
      
   > Thank Biden and Pelosi for ruining the US economy.   
      
   Stocks slumped on Tuesday after a government report showed that inflation   
   last month remained stubbornly high, a setback for investors betting that   
   the Federal Reserve could cut its benchmark interest rate as soon as   
   March.   
      
   The Dow Jones Industrial Average fell 736 points, or 1.9%, to 38,062 in   
   afternoon trade, while the S&P 500 and Nasdaq Composite index also fell   
   around 2%.   
      
   Financial markets have steadily climbed since October on expectations that   
   the Fed was done pushing up borrowing costs as it seeks to curb inflation,   
   with some Wall Street analysts predicting that the central bank could cut   
   its short-term rate as early as March. But investor sentiment is shifting   
   amid the U.S. economy's strong economic performance and efforts by Fed   
   officials to tamp down expectations of an imminent cut.   
      
   "A market that forcefully expected earlier easing — fortified by a series   
   of rate cuts throughout the year — has had to digest not just a barrage of   
   consistent Fedspeak, but the stark reality that the Fed can still not   
   declare victory on its long campaign to quell inflation," Quincy Krosby,   
   chief global strategist for LPL Financial, said in an email.   
      
   Consumer prices rose 3.1% in January from a year ago, the Labor Department   
   said on Tuesday. Although that is cooler than in December, economists had   
   expected prices to rise at a 2.9% pace from a year ago. Job growth around   
   the U.S. also topped forecasts last month, a sign that economic growth may   
   remain too vigorous to bring inflation down closer to the Fed's 2% target   
   rate.   
      
   Although some economists have raised concerns that inflation could re-   
   accelerate, most analysts continue to expect a gradual slowdown in price   
   increases.   
      
   "Until proven otherwise, the longer-term cooling inflation trend is still   
   in place," said Chris Larkin, managing director, trading and investing, at   
   E-Trade from Morgan Stanley. "The Fed had already made clear that rate   
   cuts weren't going to happen as soon as many people wanted them to. Today   
   was simply a reminder of why they were inclined to wait."   
      
   —The Associated Press contributed to this report.   
      
   https://finance.yahoo.com/news/dow-tumbles-more-700-points-211400245.html   
      
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