Biden praises economy as stocks plunge after disappointing consumer price report

Wall Street experiences its ‘worst day’ in two-years

U.S. President Joe Biden addressed hundreds who gathered in the Rose Garden at the White House to celebrate last month’s passage of the ‘Inflation Reduction Act.’

The event was actually held on the same day a new government report—the “Consumer Price Index”—was released which showed extremely disappointing numbers.

The report revealed how difficult it will be to bring surging prices down back to near pre-pandemic levels.

Simultaneously, a wide-ranging sell-off on Wall Street sent U.S. stocks reeling on Tuesday afternoon.

The move came following the highly anticipated and hotter-than-expected CPI inflation report.

According to the report from August, core CPI increased more than expected, rising to 6.3%, up from 5.9% back in July.

Now, financial markets are pricing in an interest rate hike of at least 75 basis points—or a possible 1% point increase at the conclusion of the FOMC’s policy meeting next week.