Biden Administration officials have been so confidently asserting that inflation is under control and falling that investors may have believed it. bathroom idea Tuesday’s report on the consumer price index for August showed that inflation has remained high and stagnant, and markets tumbled rapidly.
And we mean the top bunk. The 3.94% drop in the Dow Jones Industrial Average was the worst day since 2020, and declines in the S&P 500 and Nasdaq were worse. Investors had apparently bought into the hopeful rumor that inflation was heading lower and that the Federal Reserve would not need to raise interest rates so much as to cause a recession. Investing Lesson of the Week: Never trust a politician.