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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Jun 01, 2022
Page
7
Wall Street closed lower on Tuesday with the S&P 500 down 0.6 percent, the Dow off 0.7 percent, and the Nasdaq 0.4 percent lower as inflation, higher rates, and recession worries weighed on sentiment. The month ends with a tiny May gain and S&P 500 about 13.9 percent below its early-year high.
President Biden and Fed Chair Jerome Powell met to align on fighting inflation while preserving Fed independence. The talks, amid rising prices and political pressure, echoed past debates over monetary policy and potential rate hikes planned for the summer.
Eurostat reports eurozone consumer price inflation at 8.1 percent in May, driven by surging energy and food costs amid the Ukraine war. Energy prices rose 39.2 percent, with 343 million people feeling the impact as officials seek swift policy action.
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