President Biden Celebrates 'Making Progress' On Inflation Despite High Inflation And The Stock Market's Worst Day In Two Years

Wall Street's major stock indexes dropped sharply at the opening bell on Tuesday, as the latest inflation data sparked fears that the Fed with continue its aggressive path of rate hikes

 

Daily Mail: Biden's stumbling victory lap! President celebrates 'making progress' on inflation despite stock market's worst day in two years - before treading on his own jacket! 

* Biden celebrated his climate change and prescription drug prices law at the White House with big event on South Lawn 

* As Biden spoke, the Dow lost more than 1,250 points and the S&P 500 sank 4.3% 

* Event was to have a dual purpose: to tout to voters - as the November election approaches - that Biden and his party can get things done 

* Biden slammed Republicans for not supporting Inflation Reduction Act 

* Event came as inflation remained steady in August at 8.3 percent 

* Biden took off his suit jacket on hot, sunny day - and then stepped on it 

President Joe Biden's victory lap for his climate change and prescription drug prices law took a stumble on Tuesday as he celebrated its passage at the White House while the stock market had its biggest tumble in two years. 

As Biden spoke, the Dow lost more than 1,250 points and the S&P 500 sank 4.3% after Tuesday's report that inflation remained essentially stagnant in August, coming in at 8.3 percent. 

'We're making progress,' Biden said in his speech on the South Lawn of the White House.  

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Update #1: Markets shudder on dashed inflation hopes; Dow falls 1,250 (AP)  

Update #2: Dow Jones plunges amid news of US inflation rates (The Guardian)  

WNU Editor: Interest rate increases are next .... Inflation is up 8.3% since last year—and more Fed rate hikes are likely looming (CNBC).