Stocks tumbled, leaving the Standard & Poor's 500 with its biggest one-day loss in almost seven weeks, as worries deepen about interest rates and inflation.
Palm Springs is a hotbed for short-term rentals. Toting decibel readers and citations books, the desert city’s Airbnb police make sure things don’t get too out of hand.the central bank may indeed raise short-term interest rates by double the usual amount at upcoming meetings, starting in two weeks.
“After years of being very accommodative, the Fed has made it clear that policy is going to be tighter for the foreseeable future,” said Brian Price, head of investment management for Commonwealth Financial Network. “Their hawkish stance is giving investors pause as many are left to evaluate the impact on profit margins and [stock] multiples moving forward.”
The two-year Treasury yield, which moves more on expectations for Fed action on short-term rates, has zoomed even more. It was at 2.69% late Friday after more than tripling from 0.73% at the start of the year. HCA Healthcare slumped 21.8% for the biggest decline in the S&P 500 after reporting weaker earnings per share for the latest quarter than analysts expected. The hospital operator also cut its forecast ranges for revenue and earnings this year.
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