U.S. stock markets opened sharply lower on Thursday after a new 40-year record high for U.S. inflation stoked fears that the Federal Reserve will have to raise interest rates repeatedly this year.
Earlier, official statistics showed the consumer price index rose 0.6% on the month and 7.5% on the year, its highest since 1982. The rise in prices was broad-based, with the majority of sub-categories for various goods and services showing an inflation rate of over 5%. The labor market, too, showed further signs of having ridden out disruptions from the wave of Omicron-variant Covid-19 quickly, with initial jobless claims falling by more than expected last week to 223,000.
The figures were a disappointment to the bond market too, pushing yields (which move inversely to prices) at the long end of the curve up by around 5-6 basis points. The benchmark 10-Year Treasury note yield, which had fallen on Wednesday after a well-received auction, rose to 2.00% for the first time since August 2019.
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Earlier, official statistics showed the consumer price index rose 0.6% on the month and 7.5% on the year, its highest since 1982. The rise in prices was broad-based, with the majority of sub-categories for various goods and services showing an inflation rate of over 5%. The labor market, too, showed further signs of having ridden out disruptions from the wave of Omicron-variant Covid-19 quickly, with initial jobless claims falling by more than expected last week to 223,000.
The figures were a disappointment to the bond market too, pushing yields (which move inversely to prices) at the long end of the curve up by around 5-6 basis points. The benchmark 10-Year Treasury note yield, which had fallen on Wednesday after a well-received auction, rose to 2.00% for the first time since August 2019.
CRYPTO is not the safe haven dont be..... you know it.
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