The Daily Chase: Another U.S. inflation scare; Taking stock of wild Q3
BNN Bloomberg
We’re taking stock today (and not just like usual on Fridays at 6 p.m. EDT with Amanda Lang). Today it’s about the rollercoaster ride for investors in the third quarter.
PENDULUM SWINGS
The mood of the market flipped this morning. Initially, there appeared to be some optimism that the U.K. government may reassess the tax cuts that spurred market turmoil, particularly as Prime Minister Liz Truss and her chancellor met today with the Office for Budget Responsibility. However, Bloomberg News reported after the meeting wrapped that the Truss administration is standing firm on its fiscal plan. And so, European indices and U.S. futures pared some gains. And then those futures flipped into the red around 8:30 a.m. EDT when the U.S. Federal Reserve’s preferred gauge of inflation (the PCE index) landed hotter than expected in August.
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