FOMC Minutes Say Officials Said Strike Could Push Up Inflation And Hold Down Economic Activity; Autoworkers' Strike Poses New Risk To Economic Outlook; 'Critical' To Keep Policy Sufficiently Restrictive To Bring Inflation To Target
Portfolio Pulse from Benzinga Newsdesk
The Federal Open Market Committee (FOMC) minutes indicate that officials are concerned that the autoworkers' strike could increase inflation and suppress economic activity, posing a new risk to the economic outlook. They believe it is 'critical' to maintain a sufficiently restrictive policy to achieve the inflation target.
October 11, 2023 | 6:02 pm
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NEGATIVE IMPACT
The SPY ETF, which tracks the S&P 500, could be impacted by the FOMC's concerns about the potential effects of the autoworkers' strike on inflation and economic activity.
The SPY ETF tracks the S&P 500, which is a broad representation of the US stock market. If the FOMC's concerns about the autoworkers' strike materialize, it could lead to a slowdown in economic activity and higher inflation, which could negatively impact the overall stock market and, by extension, the SPY ETF.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75