Commentary
August headline inflation printed at double the market expectation (+0.1 percent predicted vs. -0.1 actual), or 8.3 percent for the 12 months through August, unadjusted.
On Sept. 13, the Dow Jones Industrial Average closed down more than 1,270 points, or nearly 4 percent. The benchmark S&P 500 Index fell more than 4 percent and the NASDAQ more than 5 percent. Industrials and technology seem to be leading the downturn, as investors anticipate a market slide from the “technical” recession and margin pressure. Markets fully expect an interest-rate hike of at least 75 basis points (bps) when the Federal Reserve’s policy-making arm, the Federal Open Market Committee (FOMC), meets next week; some speculate it will go even higher….