stock market
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Treasury Secretary Janet L. Yellen said on Wednesday that Americans should not expect immediate relief from high gas prices but maintained that increases in global supply are eventually likely to provide long-term relief for motorists at the pump.
Yellen also warned of the potential for slower growth to combine with inflation worldwide: “Higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world,” she told reporters.
“We’re doing what we can to avoid further increases in energy prices … but we also want to make sure” Europe weans itself off dependence on reliance on Russian oil and gas, Yellen said. She added: “These pressures are not likely to abate in the very near future.”
Yellen stressed that she did not expect the U.S. economy to go into recession, arguing that it is well-positioned for economic risks, pointing to fast growth coming out of the coronavirus recession. But she said Europe is likely more “vulnerable,” citing its greater dependence on Russian energy than the United States.Former US Federal Reserve chairman Ben Bernanke said the central bank’s current leaders were too slow to react to surging US inflation and, as a result, faces a period of stagflation — a combination of stagnant growth and high inflation.
“The forward guidance, I think overall, on the margin, slowed the response of the Fed to the inflation problem,” Bernanke said in an interview broadcast on CNBC on Monday. “I think, in retrospect, yes, it was a mistake and I think they agree it was a mistake.”
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@Horace said in stock market:
as a percentage, covid crash was 28% for the nasdaq. Which is almost exactly the loss as of today, from the previous high 6 months ago.
Seems like this dip is lasting longer than the one in 2020.
@George-K said in stock market:
@Horace said in stock market:
as a percentage, covid crash was 28% for the nasdaq. Which is almost exactly the loss as of today, from the previous high 6 months ago.
Seems like this dip is lasting longer than the one in 2020.
I kinda see the rather rapid recovery of the 2020 dip as an anomaly.
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@Horace said in stock market:
COVID crash was 5 weeks. This one has been a 5.5 month slow bleed so far.
Yup. The COVID drop was way worse, because…faster. I feel like this will be a mini version of the late 70s early 80s. Probably won’t take 5-8 years to recover but maybe a good 1-3 years. I’m ready to convert some accounts into “aggressive” mode to take advantage of the rebound but honestly I think this is just bringing us back to the 200 day moving average and then some. Almost like bringing us back before the big COVID rally.
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How about if Edward VIII hadn't abdicated?
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Inflation would be here, but maybe not as bad. Don’t think there would have been a third round of stimulus. Might not be Ukraine war either. Hard to say.
@Mik said in stock market:
Inflation would be here, but maybe not as bad. Don’t think there would have been a third round of stimulus. Might not be Ukraine war either. Hard to say.
Hard to say - Trump wanted much bigger stimulus checks in Dec 2020.
Ukraine war - maybe? Trump is so unpredictable that Putin might have seen his response as too much of an X factor.
That said - I don’t know how important America’s potential response was in Putin’s calculus.
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Time to make some money.
@LuFins-Dad said in stock market:
Time to make some money.
@LuFins-Dad said in stock market:
Time to make some money.
Not yet.
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Inflation in the UK is currently 9%. It can't be BoJo's fault - after all, they call him Britain Trump!
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Inflation in the UK is currently 9%. It can't be BoJo's fault - after all, they call him Britain Trump!
@Doctor-Phibes Shhhhhh!
That does not fit the narration that President Biden is responsible for the inflation that is going around the world.
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I don't believe anyone has said Biden is solely responsible for inflation. Pretty much everyone has said there would be inflation if Trump had been re-elected.
What folks have said is that Biden's policies have not helped tamp inflation down and, in some cases, have exacerbated it.
If you want to misconstrue that as some kind of anti-Biden narrative, that says more about your own narrative than anyone else's.
However, as with all presidents, many will hold him responsible for it in the upcoming elections.
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@Doctor-Phibes Shhhhhh!
That does not fit the narration that President Biden is responsible for the inflation that is going around the world.
@taiwan_girl said in stock market:
@Doctor-Phibes Shhhhhh!
That does not fit the narration that President Biden is responsible for the inflation that is going around the world.
No, it doesn't. But in politics, perception is reality. Few people care what's going on elsewhere,
particularly in BoJo land.All they see is that they're spending thousands more per year on gasoline, food and utilities.As @jon-nyc pointed out, the Trump "stimulus" certainly might have lit the fire during COVID back in 2020, but no one will see that. They only see the here and now. And less than a quarter of the country sees things going in the right direction.
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Saw some polling numbers on Hispanics last night. The bottom has fallen out of Biden's support among that group.
Interesting...
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
