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Friday, June 21, 2024

Stock Market Slips as Jolts Data Raises Concerns About Inflation

Key Takeaways:

  • The S&P 500 experienced a decline of over -0.7% in response to the latest Jolts Jobs Data and a speech by Federal Reserve Governor Christopher J. Waller.
  • The Jolts Job Openings report for February showed that job openings were slightly higher than expected, this could prolong inflation within the economy.

The S&P 500 experienced a decline of over -0.7% following the release of the latest Jolts Jobs Data and a speech by Federal Reserve Governor Christopher J. Waller last week. However, it still seems to be in a consistent uptrend:

S&P 500 Daily Price Data 60 Day TimeFrame

On April 2, 2024, the Jolts Job Openings report for February showed that job openings stood at 8.756 million, slightly higher than the consensus estimate of 8.75 million and the previous reading of 8.748 million. This data suggests that the labor market remains tight, which could put upward pressure on inflation.

Governor Waller’s speech on March 27, 2024, added to the uncertainty surrounding the economy and monetary policy. In his remarks at the Economic Club of New York, Waller expressed his view that there is no rush to cut interest rates, given the recent economic data. While progress has been made in reducing inflation, the latest figures have been disappointing, with core inflation measures remaining elevated.

Waller emphasized the need for patience in determining the trajectory of inflation before making any decisions to ease monetary policy. He stated that he would need to see at least a couple of months of better inflation data before having enough confidence to begin cutting rates.

The combination of the Jolts Jobs Data and Governor Waller’s stance could possibly prolong restrictive monetary policy.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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