Stocks dip deeper into bear market ahead of big Fed news

in this year’s sell-off for markets as the Federal Reserve and other central banks raise interest rates to rein in inflation and forcefully turn off the “easy mode” that helped prop up markets for years. Bitcoin was down nearly 5% in afternoon trading and sitting at $22,201, according to CoinDesk. It earlier fell to nearly 70% below its record of $68,990.90 set late last year. was a touch lower in May than expected, though it remains very high.

A week ago, such a mega-increase was seen as only a remote possibility, if one at all. But a market-bludgeoning report Friday on inflation at the consumer level has seemingly pinned the Fed into getting more aggressive. It showed inflation for the “It’s really a split decision in terms of the market as to whether that will be a good thing or a bad thing,” Nixon said of a big rate increase. “It certainly opens the door to additional big hikes in the future.

They also had a relatively reliable warning signal of recession in the bond market flashing on and off. In afternoon trading, the yield on the 10-year Treasury had climbed back above the two-year yield, at 3.47% versus 3.41%. That’s typically how things look in the bond market. It was the first trading for U.S. stocks after the S&P 500 closed Monday at 21.8% below its record set early this year. That put it in a bear market, which is what investors call a drop of 20% or more.

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