Stocks declined over the week on worries over inflation and economic growth. The S&P 500 fell 2.2% and the Dow dropped 1.4% for the week. Abroad, the FTSE All World Ex US sank 2.5% for the week. The yield on the 10-year Treasury continued its recent climb to end the week at 1.48% up from 1.46%. It’s at its highest level since late June.
China’s central bank announced that all cryptocurrency transactions are illegal dealing a blow to the virtual currencies.
US durable goods orders rose 1.8% in August stronger than expected.
Home price growth rose an annual record 19.7% in July according to the Case-Shiller Home price index.
China’s manufacturing activity contracted in September for the first time since the star of the pandemic, while some growth was still expected.
In comments Fed Chair Powell said the recent increase in inflation might last longer than the Fed initially anticipated.