The old joke goes like this: Two friends are at a resort and one says, “The food here is really terrible.” The other replies, “And the portions are so small!” Today, it’s investors who dislike the taste of the Federal Reserve’s interest rate hikes — but seemingly want more anyway.
Stocks slammed by ‘chain reaction’ — here’s what pros are saying
Horror has returned to Wall Street trading desks and the portfolios of the average investor. “Wednesday’s sell-off really seems like a chain reaction, with the weakness in retailers feeding into fears that the consumer may be slowing, that inflation remains a problem, that inventories are too high, and this could pressure profit margins,” Truist co-chief investment officer Keith Lerner told Yahoo Finance. “When you have such household names moving down so much, this spooked the broader market.”
White House admits stock market ‘not something we keep an eye on every day’
White House press secretary Karine Jean-Pierre said Wednesday that the stock market, which continues to witness erratic trading amid soaring inflation, is not something the White House tends to “keep an eye on every day.”