The roaring flames of 9.1% inflation in June last year have been quenched, but the last few glowing embers are proving hard to extinguish completely.
last year have been quenched, but the last few glowing embers are proving hard to extinguish completely., adding to inflationary pressures.
And today we found out the services and manufacturing sectors of the U.S. economy have been paying higher prices for inputs in August, according to the prices component of the ISM Services index and its manufacturing counterpart. Moreover, theshowed the services sector growing at a faster-than-expected clip for its eighth consecutive month of expansion and its highest reading since February.
For recession worriers, that sounds like good news. But markets have turned their focus from recession to stubborn inflation and the threat of higher interest rates. Markets are"seemingly adopting a 'bad news is good news' view, rallying on weak growth data, and selling off on strong data — amid fears that too strong data will increase the risk of an additional rate hike," Goldman Sachs' Chris Hussey wrote in a Wednesday note.
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