Stocks Near Session Highs but Continued Inflation Concerns Prompt Fears of Recession
Anthony Saccaro, founder and president of Providence Financial, joined Cheddar News to discuss Thursday's trading session as stocks and indexes showed positive gains following some economic data but fears of a recession continue to grow.
Stocks dipped Friday morning after the yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years and also following Fed Chair Jerome Powell's remarks on Thursday.
Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market.