Warren Confronts Powell on Capitol Hill

If you have been wondering when the stock market would notice that the economy is slowing, rising energy prices are creating a risk of stagflation, inflation is still running above expectations, and Federal Reserve officials are preparing to slow down their bond market shopping spree, you can finally stop. That was today.      September 28, 2021 advertisement   Biden, Dems to end cash?

Today's Top Stories From the Breitbart News Desk If you have been wondering when the stock market would notice that the economy is slowing, rising energy prices are creating a risk of stagflation, inflation is still running above expectations, and Federal Reserve officials are preparing to slow down their bond market shopping spree, you can finally stop. That was today. Bond yields closed out the day decidedly higher, with the 10-year yield above 1.50 percent, at their highest level in months. Oil at one point topped $80 a barrel, its highest intra-day level in 3 years. Natural gas contracts for October delivery rose to their highest level in 7 years. That dragged stocks down, especially the big tech stocks. The Nasdaq Composite fell 2.83 percent. Shares of Alphabet dropped 3.72 percent, Apple shares lost 2.38 percent, Facebook's declined 3.66 percent, and Microsoft shares fell 3.62 percent. Chipmaker Nvidia's shares were off by 4.44, and AMD shares dropped 6.14 percent. Ten out of eleven sectors of the S&P were red for the day, with energy green for obvious reasons. On Capitol Hill today, Sen. Elizabeth Warren (D-MA) ambushed Fed chair Jay Powell in a hearing supposedly about the progress of the Federal Reserve and U.S. Treasury's pandemic relief efforts. After briefly grilling Powell on changes to bank supervision rules, Warren declared that Powell is a "dangerous man" and announced that she would oppose his renomination to chair the Fed. Powell's term is up in February next year. President Joe Biden is expected to make an announcement about whether he will nominate Powell to a second term any day now. So Warren has obviously decided to go public with her misgivings, which appear to be centered around the allegation that Powell is too friendly with Wall Street. Critics of Powell on the right, many of whom think Powell has let monetary stimulus run too high for too long, should be a bit cautious about cheering Warren on here. Whoever Biden would nominate to replace Powell would likely be even more dovish on inflation. Speaking of which, the Case-Shiller home price index showed on Tuesday that home price appreciation accelerated from an already stunning 18.7 percent year over year increase in June to 19.7 percent in July. That, coupled with signs of ongoing inflation in yesterday's manufacturing survey from the Dallas Fed and today's from the Richmond Fed, suggest that we're nowhere near the end of the so-called "transitory" period of high inflation. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Stocks Tank as Bond Yields Rise and Oil Hits 3-Year High, Natural Gas 7-Year High

U.S. stocks fell Tuesday, as rising bond yields and energy prices weighed on the market. The Dow Jones Industrial Average sank 650 points at the low of the day before recovering to a 569 point, or 1.6 percent, decline. The S&P 500 tumbled two percent. The Nasdaq Composite plunged 2.8 percent. The small-cap Russell 2000 index fell 2.2 percent. Ten of the 11 sectors of the S&P 500 were off, with only the energy sector ending the day in positive territory. Information Technology was the worst-performing sector, down 2.6 percent. Communications Services fell 2.5 percent, dragged down by a 3.8 percent decline in interactive media and services, the category that includes Facebook and Alphabet. [Click here for more]

IN OTHER STORIES...

Turning on Zuck: Leftist Tech Press Calls for Release of the 'Facebook Files'

Following a series of damning reports from the Wall Street Journal called the "Facebook Files," members of the tech press are calling on Facebook to fully release the internal documents that the company claims are being taken out of context. The Verge reports that as Facebook attempts to downplay and rebut a series of reports from the Wall Street Journal's "Facebook Files," many in the media are calling on... [Click here for more]

Senate Republicans Block Government Funding, Debt Ceiling Bill

Senate Republicans blocked a government spending and debt ceiling bill Monday, setting up a dramatic showdown between Republicans and Democrats on whether Congress should raise the debt ceiling while Democrats plan to spend trillions on infrastructure and social spending. The Senate failed to invoke cloture, 48-50, on H.R. 5305, the continuing resolution (CR). Senate Republicans blocked the CR as House Democrats remain poised to vote on... [Click here for more]

Consumer Confidence Drops to 7-Month Low as Expectations Grow Dimmer

U.S. consumer confidence declined for the third straight month in September, indicating that consumers have grown more cautious and are likely to pull back on spending. The Conference Board said Tuesday that its consumer confidence index fell to a reading of 109.3 in September from... [Click here for more]

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