In his latest "My Take," "Varney & Co." host Stuart Varney discusses the stock market plunging amid inflation woes, warning viewers that we're moving "closer to recession."
US ECONOMY ON 'SHAKY FOOTING,' INVESTMENT EXPERT WARNS
STUART VARNEY: All weekend, I was getting a nasty feeling about the market and how it would open this morning.
I went to buy gas and paid almost $5 a gallon.
I bought diesel for the tractor and paid $6.40 in New Jersey.
I went to the grocery store and was shocked, shocked at the price gains and the empty shelves.
We're talking serious inflation hitting right now. You know what that does to the economy: interest rates rise and we move closer to recession. And, no matter what they tell you, when rates rise, at some point, stocks fall!
That's happening this Monday morning.
The Dow. The S&P. The Nasdaq. It's another Big Tech route: all down, again,
And here you see rising interest rates. The yield on the 10-year Treasury, 3.11% now but it was 3.2% earlier.
Don't look for relief in bitcoin— it's all the way down to $32,900 a coin.
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It's hard to see much relief. Shanghai and Beijing are still tightly restricted so our supply chain problems will persist.
The Biden team won't let America dramatically ramp up energy production, so there's a continuing supply problem.
The Federal Reserve can't suddenly start printing a ton of money again — that would only make things worse.
So here we are, watching the slide…
Does anyone see a bottom?
That's the question we've been asking…
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