MIAMI (CBSMiami/AP) – Now that Russia has launched an attack on Ukraine, the aggression may mean higher prices at the grocery store and at the pump.
As it is, your 401K portfolio is taking a hit, as the stock market took a tumble Thursday morning.
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On February 22, President Biden spoke to the nation about his response to Russian aggression. He said, “As we respond, my administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump… Defending freedom will have costs for us as well, here at home. We need to be honest about that.”
Stocks tumbled worldwide Thursday as Russia’s attack sent fear coursing through markets and upped the pressure on the high inflation squeezing the economy.
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Bond yields fell as investors sought safety and the price of oil soared toward $100 a barrel.
The conflict could send prices spiraling even higher at gasoline pumps and grocery stores everywhere.
Stocks pared their losses through the morning as investors debated whether Russia’s aggression could make the Federal Reserve less aggressive about raising rates.
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(© Copyright 2022 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
