[Text/ Observer Network Li Li] As the U.S. Department of Labor is about to release the June inflation data report on July 13, on July 12, a report claimed that "the U.S. CPI in June increased by 10.2% year-on-year." The false report "preemptively" gained attention and "scared" the market in advance, causing the stock market to fall to an intraday low that day. It's an extremely sensitive moment for financial markets and the U.S. economy, as the Federal Reserve steps up efforts to curb soaring prices.
Although the data "CPI increased by 10.2% year-on-year in June" is false, what is not optimistic is that the outside world generally predicts that the U.S. inflation rate in June may reach 8.8%, higher than 8.6% in May, and will continue to rise for more than 40 years. New record coming.
false reports were posted online.
According to a report by the Financial Times on July 13, the U.S. Department of Labor refuted rumors on July 12 that a June inflation data report circulated online on July 12 was false.
This fake report claims that the U.S. Consumer Price Index (CPI), which was not seasonally adjusted, increased by 10.2% year-on-year in June. The fake report mimics the format of last month's CPI report, with dates and numbers modified. However, the numbers in one of the charts did not match the text, exposing traces of fraud.
reported that although the false report began to circulate around 11:30 on July 12, Eastern Time, it still had a negative impact on the U.S. stock market falling in afternoon trading that day.
U.S. blue-chip stocks The S&P 500 index swung between small gains and losses throughout the day, falling into negative territory around 2 p.m. ET. The S&P 500 retraced some of its losses before the close, finishing down 0.9%.
The tech-heavy Nasdaq Composite Index was in the same direction as the S&P 500, also closing down 0.9%.
"We have learned that a fake Consumer Price Index report for June 2022 is circulating online." The official account of the Ministry of Labor called on everyone on Twitter , or you should continue to pay attention to July 13 at 8 a.m. Eastern Time :30 (8:30 pm on July 13, Beijing time) real CPI data released.
Screenshot of the U.S. Labor Department’s Twitter account
The release of the June inflation report comes at an extremely sensitive time for financial markets and the broader U.S. economy as the Federal Reserve steps up efforts to curb soaring prices.
According to a Bloomberg report on July 13, affected by the bleak economic outlook, Asian stock markets and U.S. stock futures rose slightly in "cautious" trading on July 13. People are anxiously awaiting the data that "U.S. inflation has reached a new high in 40 years."
Boosted by a rebound in Chinese technology stocks, Morgan Stanley Capital International's (MSCI Inc.) Asian stock index rose about 0.5%. S&P 500 and Nasdaq 100 futures were higher, but European futures contracts were lower.
Bloomberg analysis said that the more stable epidemic trend in Shanghai and the increasingly relaxed quarantine rules in Hong Kong may boost Asian stock markets.
Screenshot of Bloomberg report
Oil has stabilized at around $96 a barrel after the plunge. The dollar is hovering near its highest level since March 2020. The euro remains on track to reach parity with the dollar. Bitcoin slides towards $19,000.
U.S. Treasury bond prices were steady and a key part of the yield curve remained inverted, a "potential signal" of a future recession.
html On July 12, the yield on the 10-year U.S. Treasury bond was once 12.4 basis points lower than the yield on the 2-year Treasury bond. This was the first time since 2007.reported that the rapid tightening of monetary policy in the United States and elsewhere to combat price pressures has heightened concerns about economic growth and made markets nervous. South Korea, New Zealand significantly raised interest rates to curb inflation.
According to a Bloomberg survey, the U.S. Consumer Price Index (CPI) in June may have increased by 8.8% from the same period last year, the largest increase since 1981.(According to data released by the U.S. Department of Labor on June 10, the U.S. Consumer Price Index (CPI) rose 8.6% year-on-year in May, reaching the highest level since December 1981)
html July 11, White House Press Secretary Karine Jean-Pierre also publicly stated that CPI will be "high" in June due to sharp increases in gasoline and food prices.Bloomberg reported that economists expect U.S. inflation may reach its peak (since the outbreak) in June, which will prepare the Federal Reserve to raise interest rates sharply again.
"This is widely expected to be a very 'strong' number," Lauren Goodwin, economist and portfolio strategist at New York Life Investments, said on Bloomberg TV Bloomberg Television) said: "Even if this is not the case, I don't think the Fed will change its view for several weeks. Because we do not have enough evidence that inflation is easing."
Bloomberg said, International Monetary Fund July 12 It once again lowered its forecast for U.S. economic growth this year and next, while raising its unemployment rate forecast until 2025. The group warned that a widespread surge in inflation was posing "systemic risks" to the U.S. and global economies.
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