(FiveNation.com)- Remember the days of breaking records on the Dow Jones Industrial Average? Those days seem to be over.
On Friday, the Dow Jones Industrial Average closed with a loss of over 500 points. That’s a reduction of 1.6%, and the worst week of losses since last year.
The Hill reports that the Dow also finished this week down by 3.5%. It’s the worst five-day loss since October of 2020, and the S&P 500 index also closed with a loss of 1.3%. Similarly, Nasdaq ended with a loss of 0.9%.
Things aren’t looking good, are they?
The Hill also reported that stocks have been dropping steadily since Wednesday when the Federal Reserve announced that they believe inflation is going to increase by 3.4% over the next year, up from their previous prediction of 2.4%.
Even if inflation is “temporary” as Treasury Secretary Janet Yellen claims – and that claim is definitely debatable – it looks like it’s already having a major impact on the American economy.
Investments are doing badly, the economy is struggling, unemployment is still high in Democrat states, and Americans are being forced to pay more for goods and services.
Is this what hope and change looks like?
The economic situation is looking so bad that, according to The Hill, an increasing number of officials from the Fed believe that the central bank will raise interest rates from 0 to 0.25%, and that it could start in 2022.