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Benzinga

Business

Melanie Schaffer

Here's How The SPDR S&P 500 Looks As Fed Loses Fight Against Inflation

Inflation Labor Department

The SPDR S&P 500 (NYSE:SPY) gapped down 1.63% on Friday after new Consumer Price Index (CPI) data released by the Labor Department showed the Federal Reserve is losing the fight against inflation.

The CPI increased 8.6% before adjustment over the past 12-month period, coming in almost half a percentage point above the consensus estimate of 8.2%. Inflation hasn’t soared this quickly in over 40 years.

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