US stocks are wavering as surging oil prices and widespread inflation have many traders worried that the Fed may maintain its current tightening pace beyond the summer and that could trigger a much sooner economic growth deterioration. The US economy is not going to have an imminent economic slowdown, but fears are growing that if inflation doesn’t peak until the fall, Wall Street may have underpriced how much tightening the Fed will have to do. ​
Stocks will remain choppy until Friday’s inflation report, but if oil prices continue to surge, that could be reason enough for investors to brace for pricing pressures to remain elevated. ​ ​ ​ ​
Bitcoin stuck around 30k
Bitcoin maintains its high correlation with equities. ​ The focus on inflation continues to drive the incremental moves for Bitcoin, but it still remains stuck around the USD 30,000 level. ​ Cryptos are expected to see clarity with regulation that should provide guidance on taxes over small transactions and how tokens will be regulated. ​
Bitcoin still could form one last major low and that is preventing a lot of money from buying around the USD 30,000 area. ​ Macro conditions won’t improve anytime soon, so bitcoin might have an extended choppy trading period. ​
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https://www.marketpulse.com/20220608/stocks-waver-as-traders-fixate-over-inflation-bitcoin-stuck-around-30k/
