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Ugly selloff pushes U.S. stocks down most since 2020 - BNN Bloomberg

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A broad-based selloff sent U.S. equities to their worst day in more than two years after hotter-than-expected inflation data fueled bets on a jumbo hike by the Federal Reserve next week. Treasury yields surged and the dollar gained.

A broad-based selloff sent equities to their worst day in more than two years after hotter-than-expected inflation data fueled bets on a jumbo hike by the Federal Reserve next week. Treasury yields surged and the dollar gained.

The consumer price index increased 0.1 per cent from July, after no change in the prior month, Labor Department data showed Tuesday. From a year earlier, prices climbed 8.3 per cent, a slight deceleration but still more than the median estimate of 8.1 per cent . So-called core CPI, which strips out the more volatile food and energy components, also topped forecasts.

“Core cost-of-living prices falling when labor markets are tight with nominal wages rising rapidly is not going to produce the soft-landing fairy tale,” Steven Blitz, chief US economist at TS Lombard, said. “The Fed had better odds of rolling a hard eight than engineering a soft landing.There is no Fed pivot to prevent one, there is no turning back from the path they are on.”

 

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U.S. Stocks, futures extend rally as dollar tumbles - BNN BloombergEuropean stocks and US futures extended a rally and the dollar retreated as traders bet inflation is near peaking even as policy makers ramp up hawkish rhetoric.
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