Stocks falling sharply after some disappointing news on inflation on the heels of Federal Reserve Chairman Jerome Powell saying the Fed is in no hurry.
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00:00Stocks falling sharply at the open after some disappointing news on inflation.
00:04The Consumer Price Index, which measures the cost of goods and services,
00:08accelerated a seasonally adjusted 0.5 percent for the month,
00:12putting the annual inflation rate back at 3 percent, according to the Bureau of Labor Statistics.
00:19That's on the heels of Federal Reserve Chair Jerome Powell saying the Fed is in no hurry
00:24to lower interest rates. President Trump, however, firing back by suggesting interest rates be
00:29lowered, quote, hand in hand with his tariffs. The Dow opened up more than 350 points down.