Aysu Biçer
09 June 2022•Update: 09 June 2022
ANKARA
US stocks ended lower Wednesday following a two-day rally as worries about inflation mount amid the Russia-Ukraine war.
US Treasury Secretary Janet Yellen said the annual inflation rate of 8% is "unacceptable" and the 2% inflation target for the Fed is "a suitable target."
The Organization for Economic Co-operation and Development (OECD) has lowered its global economic growth forecast from 4.46% to 3% for 2022.
Russia’s war on Ukraine and China’s lockdown measures have damaged the recovery, OECD said in a report.
On inflation, it said: “The war in Ukraine has quashed hopes for a quick end to rising inflation from COVID-19 related supply bottlenecks seen across the global economy during 2021 and early 2022.”
With those developments, the S&P 500 fell 1.1% while the Nasdaq 100 was off 0.8%.
The Dow also fell 0.8%.
The MSCI World index diminished 0.6%.
The VIX volatility index, also known as the fear index, was down 0.25% at 23.96
The yield on 10-year Treasuries gained six basis points to 3.03%.
Global oil benchmark Brent crude was trading at $124.16, up 2.9%, while West Texas Intermediate crude rose 2.7% to $122.67 a barrel.
