Know The Difference Minute

The rally kicked in, finishing with a 1370 point swing to the positive.

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A record high.
Welcome to the Know the Difference Minute for Thursday, October 13th.
Inflation isn’t going away. That much was clear this morning when the Labor Department released the latest CPI number. The overall number was up .4% from last month—and 8.2% from a year ago.
Core inflation is more closely watched as it excludes volatile food and energy—and is up 6.6% year-over-year—something we haven’t seen since 1982.
This sparked a wild day on Wall Street. Early, the Dow was down 549. Then the rally kicked in, finishing with a 1370 point swing to the positive.
The Fed’s got its hands full. Unemployment at a record low. Yesterday’s Producer Price Index. Today’s CPI. Hard not to see another 75-basis point hike at the next meeting. To get inflation under control, the most likely scenario involves higher unemployment and a recession.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.