The S&P 500 as well as the NASDAQ composite both gave up over 2%, with the largest decline in the NASDAQ composite of – 2.57%.
According to the report, inflation rose by 0.8% in April, which means that inflation is currently at 4.2% on an annual basis.
There is a large camp of economists that believe that any sudden spike in inflation is the net result of temporary factors, which include supply-chain interruptions, the temporary shutdown of Colonial pipeline due to a ransom where attack and a drive to quickly reopen and economy battered by the pandemic, this according to U.S.
In a daily email from BCA research, considered to be one of the world’s leading providers of global macro research since 1949, said that “Fears about inflation are not out of order.