Summary:
- Consumer prices rose year-on-year 8.6%,
S&P 500 sees worst week since January
US CPI data showed inflation reached a 40 year high in May, despite the Fed's hawkish monetary policy attempts to fight inflation. Consumer prices rose year-on-year 8.6%, consumer sentiment data released on Friday came in at a record low, as the rising inflation puts pressure on American households. The S&P 500 dropped sharply in the wake of the release of this data, the end of the trading week saw the S&P 500 indexes worst week regarding performance since January.
GSPC Price Chart
US inflation hits 40-year high.
Many currencies were under pressure on Friday after official US CPI data indicated that inflation had climbed further in May in defiance of the market expectations for it to ease, this data could cause problems for the federal reserve. The sentiment around the US Dollar is full of concern as to what the Fed’s next move is going to be.
Sources: finance.yahoo.com, poundsterlinglive.com
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