A clip of former President Donald Trump arguing that the election of President Joe Biden would lead to a plummeting stock market circulated online on Friday after Wall Street saw a bloodbath.
The Federal Reserve increased targets for the federal funds rate by 0.75% on Wednesday afternoon, sending the Dow Jones Industrial Average, which tracks 30 of the most prominent companies on American exchanges, tumbling more than 500 points. After stagnating on Thursday, the index fell another 500 points by early Friday afternoon to 29,400. On January 20, 2021, the day of Biden’s inauguration, the Dow had closed slightly above 30,900.
Price levels between August 2021 and August 2022 rose 8.3%, according to data from the Bureau of Labor Statistics, marking a slight moderation from an 8.5% year-over-year increase in July and a 9.1% year-over-year increase in June. Despite the moderation in year-over-year inflation, month-to-month prices for food, shelter, and medical services ticked upward, while core inflation — a metric that excludes food and energy, which tend to be more volatile — continued to rise.