Here's Why Shares of SoFi Fell Nearly 30% in June
Shares of the one-stop-shop financial services company SoFi Technologies (NASDAQ: SOFI) fell nearly 30% in June for no apparent reason, other than the turmoil in the broader markets that has led to a big sell-off of stocks this year.
In early June, new data showed that the consumer price index had risen 8.6% in May on a year-over-year basis. The index measures the prices of daily consumer goods and services and is closely watched by economists and other experts as a gauge for inflation. The rise was more than many had expected, suggesting that consumer prices had not yet peaked.
The new data led the Federal Reserve's rate-setting committee to raise its benchmark overnight lending rate, the federal funds rate, by 75 basis points (0.75%) in a massive move for the Fed.
Source Fool.com
