Due to the deterioration that exceeded expectations in the US CPI this time, the worsening economic recession was further highlighted at the same time as expectations for interest rate cuts, and the market instantly cooled down due to disappointment and anxiety. It probably flowed into receivables, real estate, etc.
And this time, the Fed was so persistent about gathering evidence that the batter was clearly delayed. If interest rates had been cut sooner as planned at the beginning of 2024, the situation should not have worsened this far, and I don't think we would have fallen into a conflicting state of mind at the same time. (Multiple experts are sounding the alarm about the balance between expectations of interest rate cuts and economic recession when the indicators are announced)
As I posted late at night, NASDAQ100 surged temporarily due to expectations for interest rate cuts immediately after the CPI was announced yesterday. When I watched the situation closely, it rose vertically just 1 second after the announcement, and a few minutes later, disappointment and anxiety about the economic recession caused a deep decline. Unfortunately, the latter won, and the decline extended far beyond high-tech and semiconductor-related matters. Also, since the exchange rate was really an instantaneous movement, I don't know if it was an intervention.
But please don't be pessimistic. That sense of anxiety is temporary, and interest rate cuts are bad...