FT News Briefing Wall Street shudders after seeing US inflation data
Sep 14, 2022
A surprising spike in US inflation sent Wall Street into a tailspin, marking the worst market day in over two years. Allegations from a whistleblower revealed critical security lapses at a major social media platform, raising national security concerns. Meanwhile, the US grapples with forming a coalition to enhance semiconductor supply chains amid geopolitical tensions. The implications of aggressive interest rate hikes on the economy and treasury yields hint at a tumultuous financial landscape ahead.
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Unexpected US Inflation Triggers Sell-Off
- US inflation rose unexpectedly in August, triggering a sell-off on Wall Street.
- This suggests the Fed may continue aggressive rate hikes, potentially impacting the economy.
Twitter Whistleblower Testifies
- Twitter's ex-security chief, Peiter Zatko, testified before Congress, alleging security lapses.
- He claimed Twitter prioritized profits over security and that foreign agents infiltrated the company.
Chip4 Alliance Faces Delays
- The US-led Chip4 alliance, aimed at securing computer chips, faces delays due to member concerns about China's reaction.
- Internal tensions among member countries and companies further complicate the initiative.