What Cramer is watching on Wednesday – inflation soars, stocks fall, yields and the dollar pop

People walk past the New York Stock Exchange (NYSE) on Wall Street on July 12, 2022 in New York City.

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What I watch July 13, 2022

June consumer inflation jumped 9.1% year-on-year, stronger than estimates, the fastest pace since December 1981. Core, excluding food and energy, also rose 5 .9%, more than expected.

  • Stocks fall, bond yields rise, the dollar explodes. I think the Federal Reserve will raise interest rates by 75 basis points at its July and September meetings. That said, don’t look at these numbers in a vacuum, as many commodity prices are down.
  • The dollar is still howling against the euro, putting pressure on tech earnings. To help you assess currency risk, here is a geographic breakdown of earnings for the 33 companies in the Investing Club portfolio.
  • Ahead of the report, Bank of America says it sees a mild recession. Mortgage Bankers Association: Home loan applications fell 1.7% last week. Purchase demand fell 4% and refinances increased 2%.
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