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The Bureau of Labor Statistics said that a June inflation data release was a forgery.
We are aware of a fake image on the internet. It isn't a real thing. The BLS wrote on social media that they would keep an eye on tomorrow's realCPI release.
The consumer price index report for June is expected to be released on Wednesday. It goes all the way up to the Eastern time zone.
The stock market fell to session lows around the time the fake release started making the rounds on social media.
The release on Tuesday tried to duplicate the formatting of the previous month's report but with different dates and numbers. The chart that was used in the report did not match the text and was one of several signs that it was a forgery.
According to the Financial Times, the document claimed that the annual inflation in June was 10.2%, much higher than the analysts had predicted.
The consumer price index is expected to increase in June. Wall Street analysts expect inflation to rise to 8.8% from 8.6% over the past year.
There is inflation in the U.S. Is it possible that it could reach 9%?
At 11:30 a.m., the fake document began to circulate. The false report gained traction in New York as the stock market dipped in eastern U.S.
After being little changed for most of the day, the S&P 500 index fell into negative territory.
The S&P 500 ended the day down 0.9%, while the tech-laden index ended the day down 1%.
The stock market stumbles into the close as the June inflation report looms.
The Federal Reserve is trying to control inflation which has reached a 40-year high.
The rate of inflation accelerated in May and the central bank increased the interest rate for the first time in 18 years. The Fed is expected to raise the rates again at the end of the month.
The White House this week acknowledged that the June figures will be elevated even though they are backward looking.
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