US stocks plummeted in their worst day since June 11, 2020, after key August inflation data ticked upward, surprising investors.
The situation on Wall Street was ugly midmorning Tuesday, as investors grew increasingly nervous about the prospect of even higher rate hikes that could last for a longer period of time.
Inflation simply won't go away. Economists expected prices would fall very slightly in August as gas prices have dropped for 91 straight days. Instead, pricesAlready, the Fed has raised rates by a historic half point and then twice by three quarters of a point. Now a full point is on the table for this month , and the market fears the Fed may have to keep raising rates by historic amounts until it slows price gains -- with hiring, the stock market and the economy as collateral damage.
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