Investors were spooked by inflation figures, particularly for US consumer prices. Last week the government reported that inflation had increased to an annual rate of 8.6% in May, the most since December 1981, and more than the 8.3% markets had expected.
“The May CPI release undermined Fed expectations that inflation would moderate in [the June quarter], and we fully expect the Fed to make upward revisions to its inflation and fed funds rate projections,” ANZ said in a note on Tuesday. “GDP growth meanwhile is due a downgrade.” Adding to those concerns were the results of survey by the New York Fed that showed consumers were raising their expectations about coming inflation.
Time to buy shares for those who have some money, will go back up again, somebody always does well out of this.
It's sanctions-induced inflation aka an own goal.
self fulfilling collapse in confidence
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