&P 500 was 1.9% higher in morning trading after a report showed inflation is still high but heading lower. Stocks of smaller and mid-sized banks recovered some of their prior plunges caused by worries that customers could yank out all their cash. Treasury yields soared to trim their historic drops.
Tuesday's report showed that inflation at the consumer level was 6% in February, versus a year before. That matched economists' expectations and was a slowdown from January's 6.4% inflation rate, but it's still way above the Fed's target. "Inflation met expectations, but is still uncomfortably hot. Financial stresses are intense. Prudence would dictate they pause, but couple it with a stern warning that if inflation trends don't improve that they might need to hike more."
Traders rushed Monday to place some bets that the Fed could decide to keep rates steady at its next meeting, instead of accelerating to a hike of 0.50 percentage points as they thought a week ago. Following the inflation data, bets are largely falling on it sticking with an increase of 0.25 points later this month, according to data from CME Group.
You can only flood the market with cheap printed devalued dollars so many times. There can only be so many bailouts. At some point, kicking the can down the road will result in a boomerang effect. Try urinating against the wind, see how that works out for you.
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