(CNBC) A multitude of factors conspired to generate the stock market’s worst first-half since 1970, but they all emanated from one word: inflation. The cost of living started the year running at levels the U.S. had not seen since the early 1980s. Worse, Federal Reserve officials, armed with full-year forecasts of “transitory” inflation that now seem almost comically inaccurate, fell behind the curve, endangering a market and economy still fragile from the Covid pandemic.
This was the worst first half for the market in 50 years and it’s all because of one thing — inflation
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