Markets might feel as if they are locked in a state of persistent disarray, with bond yields rising and stocks retreating, and barometers of the price pressures in the American economy uncomfortably, and stubbornly, elevated.
On Tuesday, data from August showed that a closely watched measure of inflation, the consumer price index, was up 8.3% from the same month a year ago.
Check out: Dow plunges nearly 1,300 points in the index’s worst day since June 2020 as hot inflation report sends stocks skidding
The annual increase in the core rate of inflation, which strips out certain goods whose prices are considered to be the most volatile, rose to 6.3% from 5.9%, underscoring the degree to which inflation has grown entrenched in the economy. That is a problem for central bankers and comes as the Federal Reserve, which convenes its two-day meeting next Tuesday, continues in its quest to quell pandemic-driven pricing pressures.
Notably, food prices are rising at their fastest rate since around 1979, delivering a gut punch to the typical consumer.
The inflation data got the blame on Tuesday as the blue-chip Dow Jones Industrial Average
fell nearly 1,300 points, and the S&P 500
and the Nasdaq Composite
absorbed losses that on a percentage basis were even more dramatic, while yields for 2-year
Treasurys were surging, with prices trending lower, in anticipation of a bigger upcoming boosts in benchmark interest rates than previously foreseen.
See: Any lingering doubt that the Fed will go big with its next rate move has now vanished
On top of all that, bitcoin
has been trading decidedly lower, along with other crypto and a host of other assets considered risky, even as the U.S. dollar
has been resurgent, as gauged by an index tracking the greenback against a half-dozen major currencies.
Against that backdrop, MarketWatch is set to host its first major conference next week. The Best New Ideas in Money Festival in New York will see hundreds of investors and market participants converge — and thousands more participating remotely — to glean advice from experts and score insights on the best new ideas for you and your money, now and in the future.
On Sept. 21 and 22, festival participants will delve into everything from crypto to cannabis, from hot trades to space travel, with workshops that aim to offer practical advice, led by trusted experts.
We’ll be in conversation with investing legends like Ray Dalio, founder and co-chief investment officer of Bridgewater Associates, the biggest hedge fund in the world. Veteran investor Carl Icahn will be on hand to share his views on the economy and the market, as will Jennifer Grancio, CEO at Engine No. 1, the investment firm that defeated Exxon Mobil Corp.
in a historic proxy battle last year. We’ve also got Ritholtz Wealth Management’s Josh Brown and Michael Batnick talking markets and the founder of Quadratic Capital Management, Nancy Davis, demystifying options strategies.
See: People who do this one thing every day have half the dementia risk that the rest of us do
Best New Ideas in Money began as a special periodic series of articles on MarketWatch centered around innovations in finance and money, and it quickly became a franchise including a weekly podcast that explores how money can be a source for good — and, now, this money festival.
We can’t promise that attendees will come out richer, but those who participate may find that they leave the festival more informed and more empowered to be the masters of their own finances.
Register to participate in this event in person in Manhattan or catch the two-day event remotely.