In the quarter, meanwhile, the S&P 500 fell 16.4%; the Dow Jones lost 11.2% and the Nasdaq plunged 22.4%.
“The downtrend was almost constant since January. It only broke in late March and for other short stretches into a fairly constant pullback. A series of bad inflation data led the Federal Reserve (Fed) to adopt increasingly aggressive measures to try to curb upward pressure on pricessaid the operators.
Two weeks ago, The Fed raised interest rates by three-quarters of a point, the biggest hike in nearly 30 years. The markets think that in July the same thing could happen again.
“Inflation was a little better than expected today, but probably not good enough to prevent the Fed from raising interest rates by 75 basis points at the next meeting”said Tom Cahill of Ventura Wealth Management.
“At the same time, personal spending was negative for the month in real terms,” Cahill said. “People are starting to get the feeling that maybe the Federal Reserve is going to push the economy into recession.”
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
