Markets like anything. The Fed could’ve said they jerked off to cartoons this afternoon and EA would’ve popped on the news.
CNBC writer-slaves sum it up.
The Federal Reserve minutes from its May meeting said “a temporary period of inflation modestly above 2 percent would be consistent with the Committee’s symmetric inflation objective.”
The central bank also pointed to an interest rate hike at the June meeting.
“It would likely soon be appropriate for the Committee to take another step in removing policy accommodation,” the minutes said.
In a world of fantasy and delusion, the Fed sees inflation above 2%. What’s interesting about this sudden surge in inflation is that it coincides with the fact that we have HIGHER INTEREST RATES. Poor Erdogan from Turkey is mocked daily because of his belief that higher rates portends higher inflation. Truth of that matter is, does anyone really know the answer? For as long as I could remember, countries with heinous inflation rates have always hiked. Those hikes cause panic and that panic leads to a further run on the banks.
“A few participants commented that recent news on inflation, against a background of continued prospects for a solid pace of economic growth, supported the view that inflation on a 12-month basis would likely move slightly above the Committee’s 2 percent objective for a time,” the minutes said. “It was also noted that a temporary period of inflation modestly above 2 percent would be consistent with the Committee’s symmetric inflation objective and could be helpful in anchoring longer-run inflation expectations at a level consistent with that objective.”
For some odd reason, Ethereum and other cryptos are getting REKT even further on this news. I really don’t car enough to look it up. What is important, however, stocks are rising. The Nasdaq is now +15.If you enjoy the content at iBankCoin, please follow us on Twitter