Markets could feel like they’re locked in a lingering state of disarray, with bond yields rising and stocks falling, and barometers of pricing pressures in the U.S. economy uncomfortably and stubbornly high.
August data on Tuesday showed a closely watched measure of inflation, the consumer price index, up 8.3% from the same month a year ago.
Check: Dow Jones plunges nearly 1,300 points in index’s worst day since June 2020 as scorching inflation report sends stocks skidding
The annual increase in the core inflation rate, which excludes certain goods whose prices are considered the most volatile, rose from 5.9% to 6.3%, underlining how inflation has rooted in the economy. It’s a problem for central bankers and comes as the Federal Reserve, which calls its two-day meeting next Tuesday, continues its quest to ease price pressures caused by the pandemic.
Notably, food prices are rising at their fastest rate since around 1979, punching the typical consumer.
Inflation data was blamed on Tuesday as the top-notch Dow Jones Industrial Average DJIA
fell nearly 1,300 points, and the S&P 500 SPX,
and the Nasdaq Composite COMP,
absorbed losses which, in percentage terms, were even more dramatic, while returns for 2 years TMUBMUSD02Y,
and 10 years TMUBMUSD10Y,
Treasuries were soaring, trending lower in price, in anticipation of a bigger-than-expected upcoming increase in benchmark interest rates.
See: Any lingering doubt that the Fed will go big with its next rate move is now gone
On top of all this, bitcoin BTCUSD,
traded significantly lower, along with other crypto and a host of other assets considered risky, even as US Dollar DXY,
has resurfaced, as evidenced by an index that tracks the greenback against half a dozen major currencies.
In this context, MarketWatch should organize its first major conference next week. The Best New Ideas in Money Festival in New York will see hundreds of investors and market participants converge – and thousands more remote attendees – to glean expert advice and insight into the best new ideas. for you and your money, now and in the future.
On September 21 and 22, festival attendees will dive into everything from crypto to cannabis, hot trades to space travel, with workshops that aim to offer practical advice, led by trusted experts.
We’ll chat with investing legends like Ray Dalio, Founder and Co-Chief Investment Officer of Bridgewater Associates, the world’s largest hedge fund. Veteran investor Carl Icahn will be on hand to share his views on the economy and the market, as will Jennifer Grancio, CEO of Engine No. 1, the investment firm that defeated Exxon Mobil Corp. XOM,
in a historic proxy battle last year. We also have Josh Brown and Michael Batnick of Ritholtz Wealth Management talking about the markets and Quadratic Capital Management founder Nancy Davis demystifying options strategies.
See: People Who Do This Thing Every Day Have Half the Risk of Dementia as the Rest of Us
Best New Ideas in Money began as a special periodic series of articles on MarketWatch focusing on innovations in finance and money, and quickly grew into a franchise including a weekly podcast that explores how money can be a source of good – and, now, this festival money.
We can’t promise attendees will come out wealthier, but those who attend may find they leave the festival more informed and more empowered to be in control of their own finances.
Register to attend this event in person in Manhattan or attend the two-day event remotely.