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welcome back to morning joe. it is 6:00 a.m. on the west coast and 9 a.m. here in washington, d.c. we have breaking news on the economy. it is bad news for consumers, it is bad news for working-class americans. it is bad news for middle-class americans. it is bad news for people invested in the stock market. it is bad news if you have retirement accounts because they will be going down. but it is good news if you re a republican running for office in four weeks. the year-over-year inflation rate barely slowed last month from 8.3% in august to 8.2% in september, the last report before november s midterm elections and the last report. a key federal reserve meeting early next month on how much they re going to raise interest rates. let s bring in cnbc s dom chu. dom, wall street s going to be partying like it s 1981, which means they re not going to be partying. going to be ugly out there. take us through it all. all right. so, joe, mika, to your point here, there s no ....
Year-over-year basis. so if there was any question what s driving financial markets right now, it is still that inflation story, the interest rate narrative, and what it means for the fed because immediately, joe, to your point, after the cpi figures were released, you saw a very steep sell-off in stock market futures as you see on your screen. right now the dow is implied lower by roughly 450 points. this is just a little under half an hour from when it opens. a negative date would put the s&p 500 and nasdaq both at seven-day losing streaks as well. so all of this story is playing out in a very, very negative way for financial markets, joe and mika. willie, 8.2%, obviously that s ugly. we also got news that social security payments are going to actually go up for seniors, 8.7% starting next year. that s going to be the highest ....