Well, it was fun while it lasted. The politicians and decision-makers in government and at the Federal Reserve flooded the country with liquidity, especially while they panicked the nation with COVID-19, which turned the idle hands sitting at home into day traders. Now we are ready to hit the wall, caused by the mountains of money that were printed and either distributed or spent.
Friday’s 8.6% inflation reading was the highest since 1981, and gasoline prices surging past the $5 mark are at the highest level ever, with Brent and West Texas Intermediate crude both trading right near the $120 mark. The core inflation number at 6% also exceeded expectations, which means everyday items that consumers need are also hitting highs not seen in years.
The post The Bear Market Is Here, and the Recession May Not Be Far Behind appeared first at 24/7 Wall St.