US Inflation Quickens to 40-Year High, Pressuring Fed and Biden

Associated Press

Stocks tumble, Wall Street shudders after inflation worsens

Wall Street shuddered Friday, and stocks tumbled after getting hammered by data showing inflation is getting worse, not better, as investors had been hoping. The S&P 500 was 2% lower in the first half hour of trading, while moves in the bond market indicated investors’ concerns are building about a possible recession. Wall Street came into Friday hoping a highly anticipated report on the consumer price index would show the worst inflation in generations slowed a touch last month.

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