“Although the Federal Reserve believes that inflation is transitory, the evidence is beginning to accumulate that this is not true.”said Rick Meckler of Cherry Lane Investments in New Vernon, NJ, adding: “The Fed made very little move outside of what it has told the markets it plans to do, but I think even they must be a little concerned about the force of the increase “.
The report is known one day after Producer price data showed a solid increase in October and highlights the extent to which manufacturers are passing the higher costs on to consumers, whose spending represents 70% of the US economy.
Additionally, the CBOE market volatility index, an indicator of investor anxiety, soared to its highest level in nearly a month. Additionally, six of the top 11 S&P 500 sectors were down before noon in New York, with technology and energy among the top declines.
Megacap technology and communications companies including Apple Inc, Microsoft Corp, Meta Platforms Inc – formerly known as Facebook – and Alphabet Inc lost between 1.2% and 1.9%.
Source From: Ambito
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