U.S. stock index futures fell on Thursday on growth and inflation fears and concern the Federal Reserve could begin to rein in its massive monetary stimulus. Many analysts expect the Fed to announce its plan to taper asset purchases as early as the Sept. 21-22 policy meeting.
Minutes released on Wednesday from the Fed’s meeting last month showed officials felt the employment benchmark for decreasing support for the economy “could be reached this year”, sending the S&P 500 sliding 1% in its worst day in a month.
Concerns about the sudden tapering at a time when macroeconomic data was signaling a slowdown in U.S. economic growth have knocked Wall Street’s main indexes off record highs this week.
CNBC:
Futures on the Dow Jones Industrial Average dropped around 295 points or 0.9%. The Dow tanked by 380 points on Wednesday for its worst performance in a month as meeting minutes from the Fed’s gathering in July showed the central bank has started eyeing tapering its $120 billion in monthly bond purchases before the year-end.
Goldman Sachs cut its economic growth forecast for the current quarter to 5.5% from 9% Wednesday night, adding to the negative sentiment. The firm also sees higher inflation than expected for the rest of the year.
The Philadelphia Fed Index, a gauge of growth in the region, still indicated expansion but at a level worse than expected. The August reading was 19.4, below the 22 consensus of economists polled by Dow Jones.
For the week through Wednesday, the Dow and S&P 500 are each down 1.5%. The Nasdaq Composite is lower by 2%.
MacDailyNews Take: Inflation is a bigger concern than many seem to realize currently.
It’s best to get a handle on inflation, if you know how, while you still can.
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
Biden voters must be rolling in their graves right now.
The other couple dozen are dancing in the street!
Notice how those few individuals who keep slamming the one-star-votes didn’t (and can’t) post anything to refute the facts?In some ways, all the down votes are delicious. People can’t admit they actually support(ed) Joe, so all they can do is act out with one-stars to defend their non-positions.
But everything is going so swimmingly…full circle…around a drain.
Wow, 42 votes so far!
Winning!!!
food and energy are getting more expensive that’s for sure.
Grandpa Dementia was informed by his aides while they were putting on his underwear and helping him to select his porridge and ice cream for the day.
I thought he selected his own flavor of the day. Guess I was wrong.
I believe it’s better to call him President Num-Num.
*diapers
Meanwhile, his leader friend in China is changing the financial things up a bit…deepening the red roots. Headline in the WSJ:
“China’s Communist Party Goes Back to Basics: Less for the Rich, More for the Poor”
Following is, “the catchphrase ‘common prosperity’ appearing everywhere.”
One has to be drugged, dumb, disinterested to NOT see how the principles and mindset are aligned with Joe and Friends. If one is part of the this Friend Group, and clapped when Kamala (and others) proudly and excitedly raised “Equity” as the path to follow, it’s clear there’s little difference to Prez Xi’s “common prosperity.” It MAY sound good, but it’s nothing but communist jargon…all for one, one for all, to each according to his need….
History has CLEARLY shown; it fails. Besides, prosperity isn’t common…otherwise it wouldn’t take measures to make it common…which ultimately requires the lowering of the bar.
But h-story isn’t taught anymore in US skools
Oh yes it is….
If you’re white–you’re baad. –Ibram Xolani Kendi
Kendi is author of Critical information that’s being fed to students all across the US and it inspired the TOP General of President Num Num’s Admin to announce with guilt and sorrow that he’s white.
Btw, he’s the same “warrior” that foresaw nothing of what happened with the US’ retreat from Afganistan. He should have called me.
Next?