Good evening.
Markets tumble, January inflation hit a 40-year high, and there are now 1000 unicorn startups in the world.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled on Thursday after the consumer price index came in hotter than expected in January.
U.S. inflation hit 7.5% in January, reaching the highest level since 1982.
Investors are worried that the Federal Reserve will need to raise interest rates more aggressively next month to fight inflation.
James Bullard, president of the Federal Reserve Bank of St. Louis, said in an interview today that he would like to see rates up 1% in the next five months.
The crypto market fell on Thursday, with Bitcoin trading near $43k, following the red-hot inflation report.
Catch Up
House Speaker Nancy Pelosi said she would be open to a stock trading ban in Congress.
There are now 1,000 unicorns (startups with at least a $1B valuation) in the world.
Affirm shares fell 21% after the company accidentally tweeted some key quarterly results early.