Biden and the Dems don't like this
S&P 500 tumbles nearly 4% to new low for the year, closes in bear market territory
and I don't think they thought they could cause this problem
Yesterday was a mess across the board in terms of Economy/Recession(?)/Inflation:
-U.S. 2YR Treasury Yield highest spike since 2007, a signal of recession
-Over $200,000,000,000 lost in the Crypto markets over the weekend, a near-term crash
-Several market indexes settling down in Bear Market Territory (“falling 20% or more from a recent high for a sustained period of time”)
-S&P fell almost 4%, marking its lowest level since March 2021 and bringing its losses from its January record to more than 21%
-Gas topping $5.01/gal nationally ($6.43/gal in California)
-Rumors of a 75-basis-point rate hike by Federal Reserve officials later this week, though critics are declaring “too little, too late” when it comes to Federal response to inflation
Across Fox Business, Bloomberg, and CNBC, most of May was spent squabbling over the technical definition of a recession, whether we’re already in a recession, whether selling-off is a loser’s mentality – all discussions which take place before the collective realization of a recession sets in among experts. Moving into June the experts across these financial networks are now matter-of-factly speaking to an impending recession despite the reluctance of the Treasury Secretary and Federal Reserve Chair to forecast such warnings.
