Stocks extended their decline Monday with the Dow Jones Industrial Averages becoming the last major indexes to officially enter a bear market, the latest milestone in 2022 turmoil as the market deepened its slump amid growing fears of a recession
Treasury Secretary Janet Yellen struck a hopeful tone in the Federal Reserve achieving a soft landing, saying the Central Banks will need some “luck” and “some skills,” but warned that a looming recession will be a “risk” for the Biden administration in the upcoming months.
Stocks sell-off intensified Monday, notching a four-day losing streak with the S&P 500 tumbling into bear market territory as soaring inflation slammed market sentiment over fears recession is looming ahead of this week’s Federal Reserve key FOMC meeting.
Inflation continues to run red-hot in January, with consumer prices notching another fresh four-decade high — indicating no sign of easing anytime soon and cementing the Federal Reserve’s prospects of aggressively raising interest rate hikes next month to combat the inflationary pressure hurting Americans.
President Biden is gearing up to issue an executive action to develop an initial government-wide strategy for digital assets within a matter of days that will put the White House at the central role in dealing with efforts to regulate the $2 trillion booming sector.