Wall Street's Scariest Inflation Report of the Year Is Hours Away -- and It Has the Ability to Change the Stock Market's Fortune
The May inflation report sets the stage for Fed Chair Kevin Warsh and the Federal Open Market Committee (FOMC) to act.
Wall Street's Scariest Inflation Report of the Year Is Hours Away -- and It Has the Ability to Change the Stock Market's Fortune
Overview
This has been a historic year for Wall Street. The Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) all hit fresh record closing highs last week.
Meanwhile, America witnessed a rare changing of the guard at the Federal Reserve's lead position a few weeks ago. Jerome Powell's second term as Fed chair ended on May 15, while President Donald Trump's handpicked successor, Kevin Warsh, officially took the reins on May 22.
Details
Warsh's ascent to Fed chair comes at a precarious time for the U.S. economy and a historically expensive stock market. In just a few hours, at 08:30 a.m. ET, the Bureau of Labor Statistics (BLS) will release the highly anticipated May inflation report. Estimates suggest it'll be the scariest inflation data we've seen this year, and it has the ability to turn the stock market on its head.
Source
Originally published at www.fool.com.
