The S&P 500 index posted its worst first-half performance since 1970, falling 20% from January 1 through June 30. The NASDAQ and other tech-heavy indexes suffered even greater declines. Investors are grappling with persistently high inflation and a Fed that is getting more aggressive in its efforts to contain it.
Inflation accelerated to 9.1% in June, the highest reading since 1981. The June number followed an 8.6% increase in May. Prices have been rising at a troubling rate for items consumers encounter on a daily basis. Food prices were up 12% year-over-year in June and gasoline prices increased by 60% over the same period.
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