Market sell-offs (^DJI, ^IXIC, ^GSPC) fueled by March inflation data are pushing stocks lower as the Dow Jones Industrial Average has fallen by over 400 points Wednesday morning. Shelter and energy costs have been major contributors to inflationary trends.
Interactive Brokers Chief Strategist Steve Sosnick and Tematica Research CIO Chris Versace react to this morning’s inflation figures. Sosnick found the inflation print to be somewhat alarming, especially for Federal Reserve officials trying to make heads-or-tails about when to initiate an interest rate cutting cycle.
"When you look at the data, particularly the core CPI on a year-over-year basis for the last six months, it’s trapped between this 3.8%, 4.0% range, effectively stalling out from the progress we saw in 2023, the first six to nine months," Versace tells Yahoo Finance, explaining he was not as surprised while looking to Thursday’s Produce Price Index (PPI) reading.
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