Stock benchmarks slid Thursday after slowing U.S. economic growth and stubborn inflation spurred stagflation fears.
Stocks sold off Thursday after the latest economic data came in weaker than expected, but some observers say that the reaction was overdone. The major benchmarks slid Thursday after quarterly U.S. gross domestic product came in at the slowest pace in two years and inflation stayed stubbornly above target, spurring fears of stagflation that could further complicate the path of interest rate policy for the Federal Reserve. First-quarter U.S. GDP rose at a 1.6% annual rate, below the 2.
" "Stagflation is a combination of stagnant growth and high inflation," Nick continued. "You're getting the high inflation still above the Fed's target, less so then a year ago, but still above the Feds target, and then you need stagnation, too, and we're just not seeing that yet." .DJI 1D mountain Dow Jones Industrial Average To be sure, Nick, who sees an economic downturn in his outlook, said that he does anticipate further stagnation ahead.
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