NEW YORK (dpa-AFX) – Continued very high consumer prices in the US clearly frightened investors on Wall Street in New York on Thursday at the start of trading. However, the US exchanges significantly reduced losses shortly thereafter. “According to inflation data, it is finally clear that the US Federal Reserve will raise its key interest rate by 0.75% for the fourth time in early November. All chances of a lower rate hike have expired. today, ”said QC Partners portfolio manager Thomas Altmann, explaining the bitter early losses.
Der Dow Jones Industrial , which briefly lost nearly 2%, bounced back at the start of trading and dropped just 0.73% to 28,996.38 points. For the S&P 500
, which has sometimes hit a new low since November 2020, recently lost 1.12% to 3536.84 points. The Nasdaq 100 Technology Index it fell for the seventh consecutive day, initially falling to its lowest level since July 2020. More recently, it fell 1.62% to 10,611.40 points.
As reported by the US Department of Labor, consumer prices rose 8.2% in September compared to the same month last year, a little more than expected. In August, however, the inflation rate was still 8.3 percent. Core inflation, which excludes volatility in energy and food prices, rose to 6.6% from 6.3%. This rate was also above market expectations.
However, the experts also pointed out the bright side of the current data. “The annual rate fell for the third consecutive month,” Altmann said. At least the direction is right, even if the path is much flatter than hoped for. And Thomas Gitzel, economist at VP Bank, said: “The prospects for further inflationary developments certainly allow us to conclude that most of the Fed’s work is done.” / Ck / nas
ISIN US2605661048 US6311011026 US78378X1072
AXC0282 2022-10-13 / 16: 23
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