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The Dow Jones Industrial Average plunged more than 500 points on Tuesday after hot inflation data for January dimmed hopes that the Federal Reserve would begin cutting interest rates next month.

The Dow, which tumbled as 750 points, slid 1.4% — its worst day since since March 2023. The S&P 500 slipped 1.4%, while the tech-heavy Nasdaq Composite fell 1.8%.

Both the Dow and the S&P 500 had hit record highs this year before plunging following the release of the Consumer Price Index, which rose a stiffer-than-expected 3.1% on an annual basis.

The figure — which tracks changes in the costs of everyday goods and services — remains far off from the Fed’s 2% target.

Core CPI a number that excludes volatile food and energy prices increased 0.4% in January, to 3.9%.

The figure, a closely-watched gauge among policymakers for long-term trends, was also higher than what economists anticipated.

“Inflation staying sticky is everyone’s biggest fear and this report is showing its not going down,” Chris Zaccarelli, the chief investment officer of Independent Advisor Alliance, said. “The knee- jerk reaction is for stocks and bonds to sell off. That makes sense. Then we’ll wait for the next report and if that’s lower this will turn out to be just a blip.”

The increase could delay the prospect of three interest rate cuts the Fed anticipates to make in 2024.

Wall Street had initially expected that the first time rates were brought down from their current 22-year high would be in March.

Fed Chair Jerome Powell said after the latest policy meeting that “it’s not likely that this committee will reach that level of confidence in time for the March meeting.”

The CME FedWatch Tool shows that a May rate is also largely off the table.

The probability of a May rate cut slumped from 52.2% to 36.6% on Monday while the chance of a slash in June now stands at 78.6%, down from 92.2%.

Atlanta Fed President Raphael Bostic, who is voting on the Federal Open Market Committees policy decisions this year, told CNN that he’s anticipating the first of three cuts to take place in the fourth quarter — weeks after the mid-year slowdown Wall Street is now expecting.

By the end of the year, inflation will be near “the lower twos,” he said.

This isnt a TikTok video or something like that where you get trends happening so fast. It takes a while for the decisions of individual decisions and millions of people to come together and to start to create trends, he told CNN.

At the same time, theres a significant risk if the Fed leaves interest rates where they currently are for too long, Bostic warned.

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He also noted how difficult it’s been to tamp down inflation as the job market has remained surprisingly strong.

Januarys monthly jobs report added a blockbuster 353,000 new jobs to the economy — nearly double analysts’ expectations. 

Although inflation appears to be slowing, the economy remains Americans overall top concern, cited by 22% of poll respondents, as they have struggled with inflation and other aftershocks of the COVID-19 pandemic, according to a Reuters/Ipsos poll released last month.

Since taking office, Biden has made a pitch for lower supermarket prices, pushed drug makers to lower insulin costs, hotel chains to reduce fees and tried to diversify the meat-packing industry after beef prices skyrocketed in the aftermath of the pandemic.

Alfredo Ortiz, president and CEO of Job Creators Network, told The Post in a statement that “inflation remains historically high and is nothing to cheer about.”

“Talk to any American going to the grocery store, hardware store or pharmacy, and they’ll tell you prices continue to rise at a painful rate.”

A December 2023 report on shrinkflation — when businesses cut product sizes but keep prices the same — found that household paper products were 34.9% more expensive per unit than they were in January 2019, with about 10.3% of the increase due to producers shrinking the sizes of rolls and packages.

Researchers also found that the price of snacks like Oreos and Doritos had gone up 26.4% over the same period, with shrinking portions accounting for 9.8% percent of the increase.

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MLB: Iassogna crew chief, plate umpire for ASG

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MLB: Iassogna crew chief, plate umpire for ASG

NEW YORK — Dan Iassogna will be the umpire crew chief and work the plate during Tuesday night’s All-Star Game at Atlanta’s Truist Park.

His crew will include Marvin Hudson at first, Chris Segal at second, Jansen Visconti at third, Jeremie Rehak in left and Erich Bacchus in right, Major League Baseball said Thursday.

Iassogna, 56, will work his second All-Star Game. He was at third base for the 2011 game at Arizona.

He worked his first big league game in 1999, was hired to the major league staff in 2004 and appointed a crew chief ahead of the 2020 season. Iassogna umpired the World Series in 2012, ’17 and ’22 along with eight League Championship Series and seven Division Series.

Segal, Visconti, Rehak and Bacchus will work their first All-Star Games and Hudson his second after being in left field in 2004 at Houston.

Tony Randazzo will be the replay umpire in New York.

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A’s Rooker joins list of HR Derby participants

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A's Rooker joins list of HR Derby participants

WEST SACRAMENTO, Calif. — Athletics slugger Brent Rooker is adding his name to the list of Home Run Derby participants.

Rooker announced Thursday that he’s participating in the event, which takes place Monday in Atlanta. He will become the first Athletics player in the Home Run Derby since Matt Olson in 2021.

“Competing in the Home Run Derby has always been a dream of mine,” Rooker said in an Instagram post. “Can’t wait to make it happen next week in Atlanta! See ya there!”

Rooker, 30, entered Thursday with a .270 batting average, 19 homers and 50 RBIs, putting him on pace for a third straight season of at least 30 homers. He went deep 30 times in 2023 and had 39 homers in 2024.

His 58 homers since the start of the 2024 season rank him third among all American League players.

The only A’s to win the Derby were Mark McGwire in 1992 and Yoenis Céspedes in 2013 and 2014.

Other announced participants include Atlanta’s Ronald Acuña Jr., Minnesota’s Byron Buxton, Tampa Bay’s Junior Caminero, Pittsburgh’s Oneil Cruz, Seattle’s Cal Raleigh and Washington’s James Wood.

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O’s trade reliever Baker to Rays for draft pick

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O's trade reliever Baker to Rays for draft pick

BALTIMORE — The Orioles traded right-handed reliever Bryan Baker to AL East rival Tampa Bay on Thursday in exchange for the 37th overall pick in the 2025 MLB amateur draft, a sign that one of baseball’s most disappointing clubs could be sellers at the upcoming trade deadline.

Orioles general manager Mike Elias wouldn’t completely commit to that idea. Speaking to reporters before Thursday’s split doubleheader against the New York Mets, he cited the 2024 Detroit Tigers, who traded players off their major league roster but held on to ace Tarik Skubal and then surged into a playoff spot.

Elias did, however, acknowledge the possibility of selling on a day that began with last-place Baltimore (40-50) sitting 12½ games behind the division-leading Toronto Blue Jays and seven out of the final AL wild-card spot.

“I think it’s a step in that direction,” said Elias three weeks before the July 31 deadline. “There’s no way around that. The timing of the draft, and when you have draft picks involved in the trades, kind of front-loads these decisions, and it’s earlier than my comfort level. But we thought it was a really good return and a good trade for everyone. So, we did it.”

The draft begins Sunday. In a corresponding move, the Orioles selected the contract of catcher David Bañuelos from Triple-A Norfolk.

After a dreadful start that brought the May dismissal of manager Brandon Hyde, the Orioles have steadied under interim skipper Tony Mansolino, playing to a 21-14 record since a loss to St. Louis on May 28.

Baker was a solid part of that, posting a 3.52 ERA, striking out 49 batters and posting a 1.096 WHIP in 38⅓ innings as the setup man for closer Felix Bautista.

“This is a team that is moving in the right direction, and we still have a lot of time left before the deadline, but this was a trade with the draft coming up in a couple days that we had to make a decision on,” Elias said. “We didn’t want to pass up on the opportunity. Hopefully, we can use the pick wisely, bring a lot of value back, and Bryan’s going to a good place.”

Mansolino is also hoping his team will get replenishments in the form of players eventually returning from the injured list. That sizable group includes several possible starting pitchers: Grayson Rodriguez (shoulder), Albert Suarez (shoulder), Tyler Wells (elbow) and Kyle Bradish (Tommy John surgery).

Meanwhile, Baltimore will now have four of the first 37 and seven of the first 93 draft picks.

“All the drafts are important, but when you have this amount of picks, it becomes more important, there’s no question about it,” Elias said. “There’s just a much bigger opportunity ahead of us, and the draft is a lifeblood for our franchise.”

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