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Asset prices in freefall as inflation reality hits hard

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Asset prices across the board plunged sharply on the open today as the Consumer Price Index (CPI) figure released at 8:30 am ET on September 13th exceeded expectations negatively. August 2022 CPI number is + 0.10, bringing YTD inflation up to 8.3%, whereas predictions were favouring a 0.10 decrease from last month.

Central bankers around the world hinted at the possibility of yet more aggressive interest rate hikes as the only solution to the inflation they created in the first place with runaway money printing.

Bank of Canada its rate pre-emptively by another 75 basis points, and the Fed is expected to mimic that at their next meeting on September 21.

Precious metals, stocks, and most commodities were down sharply as the implied economic cooling effect of higher interest rates combined with the geopolitical friction and energy price gyrations painted a gloomy picture for financial markets.

The trend of this being the fastest rate at which inflation has risen in 4o years remains intact.

Central Banks are clearly unified in their strategy to foist the excesses of their excessive monetary policy since 2008 onto the backs of consumers and pensioners, despite rising symptoms of general unaffordability for homeowners and renters.

Original article: Asset prices in freefall as inflation reality hits hard

©2022 Midas Letter. All Rights Reserved.


Source: https://midasletter.com/2022/09/asset-prices-in-freefall-as-inflation-reality-hits-hard/


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