Runaway price increases have, even as the unemployment rate has fallen to a half-century low of 3.5%. It has also created political risks for President Joe Biden and congressional Democrats in this fall’s elections, with Republicans denouncing Biden’s $1.9 trillion financial support package, approved last year, as having fueled inflation.on Friday, its worst day in three months. The tech-heavy Nasdaq composite shed nearly 4%.
“The idea they are trying to hammer into the market’s head is that their approach makes a rapid pivot to unlikely,” said Eric Winograd, an economist at asset manager AllianceBernstein. “They are going to stay tight even when it hurts.” The Fed chair said that while lower inflation readings that have been reported for July have been “welcome,” he added that, “a single month’s improvement falls far short of what will need to see before we are confident that inflation is moving down.”actually declined 0.1% from June to July
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Source: NPR - 🏆 96. / 63 Read more »