But the stock market broke 40,000!
Inflation flattens Americans’ wealth gains under Biden: report
The move was widely expected after the PBOC left another medium-term facility rate unchanged last week.
Both rates were kept at record lows, as Beijing sought to shore up economic growth by keeping local monetary conditions as loose as possible.The PBOC cut the 5-year LPR in February to help support the property market, with more measures also coming over the past two weeks.
The LPR is determined by the PBOC based on considerations from 18 designated commercial banks, and is used as a benchmark for lending rates in the country.
Fears of more weakness in the Chinese yuan also limited expectations for any more cuts in lending rates. Beijing has been struggling to maintain a balance between doling out more monetary stimulus and preventing further weakness in the Chinese currency.
msn.com/en-us/money/markets/inflation-flattens-americans-wealth-gains-under-biden-report/ar-BB1mFWe7?
h/t TyreeThaGod