{"id":245219,"date":"2026-06-24T13:03:13","date_gmt":"2026-06-24T17:03:13","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=245219"},"modified":"2026-06-24T14:18:25","modified_gmt":"2026-06-24T18:18:25","slug":"bad-week-for-inflation-proxies","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/","title":{"rendered":"Bad Week for Inflation Proxies"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.&nbsp; <a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/meet-the-new-boss-not-the-same-as-the-old-boss\/\">As we noted the following day<\/a>, rate-hike expectations soared, bringing short-term rates higher along with them.&nbsp; Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Foremost among them are the prices of oil futures and energy stocks.&nbsp; Those declines are of course primarily the result of negotiations to reopen the Strait of Hormuz and to end the war in the Persian Gulf, but they certainly contribute to lower global price pressures.&nbsp; Crude futures prices had already been in a steep, steady decline, but in the week that ended yesterday, August WTI (CL) and Brent (CO) futures fell by 4.4% and 3%, respectively.&nbsp; (They\u2019re both down by another 4% today, by the way.)&nbsp; Energy stocks, however, have already priced in much of those declines, with the Energy Select Sector Total Return Index falling by less than 1% over that span.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other inflation proxies are not faring well either.&nbsp; Gold fell by 4.9% in the week from the day prior to the FOMC meeting through yesterday, and it is down by another 2.7% this morning, after briefly trading below the $4,000 level.&nbsp; Again, there are extenuating factors behind that decline.&nbsp; We have noted that gold has a tendency <a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/why-doesnt-gold-glitter-these-days\/?query=antidollar&amp;requestId=72ab7dd9-8ef1-4f86-8b30-e15d705804fd\">to act as an \u201cantidollar.\u201d<\/a>&nbsp; All things being equal, commodities that are denominated in US dollars tend to have an inverse relationship with the currency.&nbsp; A stronger dollar means that fewer of them are required to purchase the quantity of commodities represented by a futures contract, and vice versa.&nbsp; This is of course only one of the factors that influence commodity prices, but gold\u2019s historic role as a store of value makes it more sensitive to changes in the dollar than most.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For better or worse, bitcoin, or \u201cdigital gold,\u201d is keeping pace with the yellow metal.&nbsp; It was also down about 5% in the prior week and is falling by an additional 3% this morning.&nbsp; Again, there can be factors that are specific to bitcoin and to cryptocurrency overall, but if it can be thought of as an inflation hedge, this decline would be evidence of reduced inflationary pressures.&nbsp; Or, like gold, it can be falling victim to the combination of a stronger dollar and higher rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, a key to all these moves is the dollar.&nbsp; Driven by easing geopolitical tensions and higher short-term rates, DXY, a US dollar proxy index, rose by nearly 2% during the prior week.&nbsp; Higher rates boost the price of a currency versus its counterparts, and the rise in 2-year yields boosted the appeal of the USD.&nbsp; In turn, a stronger dollar can act as a headwind for the multinational stocks that dominate major US stock indices.&nbsp; They tend to generate revenues in a wide variety of foreign currencies, and a stronger dollar means that those revenues are worth marginally less when translated back into their home currency.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s all quite circular.&nbsp; We start with a worthy goal \u2013 lower inflation \u2013 and we end up with a set of financial outcomes that seem adversely affected by the measures taken to achieve it.&nbsp; Markets will eventually sort out the various crosscurrents, but in the meantime, don\u2019t be surprised if we see a bit more volatility until that occurs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"431\" height=\"329\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/image-71.png\" alt=\"\" class=\"wp-image-245220 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/image-71.png 431w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/06\/image-71-300x229.png 300w\" data-sizes=\"(max-width: 431px) 100vw, 431px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 431px; aspect-ratio: 431\/329;\" \/><\/figure>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-top is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-63375db1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75 is-style-fill\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=tiSSAcc&amp;url=%2FUniversal%2FApplication\" style=\"border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-left-radius:0px;border-bottom-right-radius:0px\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<p class=\"wp-block-paragraph\"><strong><strong>Already an Interactive Brokers Client?<\/strong> <\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-text-align-left wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=tiSSRTP&amp;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\">Request Trading Permission<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted the following day, rate-hike expectations soared, bringing short-term rates higher along with them.\u00a0 Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.<\/p>\n","protected":false},"author":4,"featured_media":186045,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,18,6,8,9,26,3],"tags":[410,19788,1056,446,255,21774,10995,1504,21777,21776,21775],"contributors-categories":[13576],"class_list":["post-245219","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-bitcoin","tag-brent-futures","tag-crude-oil","tag-federal-reserve","tag-gold","tag-inflation-proxies","tag-market-volatility","tag-monetary-policy","tag-multinational-stocks","tag-us-dollar-index","tag-wti-futures","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bad Week for Inflation Proxies | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/245219\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bad Week for Inflation Proxies | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted the following day, rate-hike expectations soared, bringing short-term rates higher along with them.\u00a0 Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&amp;P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-24T17:03:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-24T18:18:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"Bad Week for Inflation Proxies\",\n\t            \"datePublished\": \"2026-06-24T17:03:13+00:00\",\n\t            \"dateModified\": \"2026-06-24T18:18:25+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/\"\n\t            },\n\t            \"wordCount\": 628,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/03\\\/inflation-concept-featured-img.jpg\",\n\t            \"keywords\": [\n\t                \"Bitcoin\",\n\t                \"Brent futures\",\n\t                \"crude oil\",\n\t                \"Federal Reserve\",\n\t                \"gold\",\n\t                \"Inflation proxies\",\n\t                \"market volatility\",\n\t                \"monetary policy\",\n\t                \"Multinational stocks\",\n\t                \"US Dollar Index\",\n\t                \"WTI futures\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/\",\n\t            \"name\": \"Bad Week for Inflation Proxies | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/03\\\/inflation-concept-featured-img.jpg\",\n\t            \"datePublished\": \"2026-06-24T17:03:13+00:00\",\n\t            \"dateModified\": \"2026-06-24T18:18:25+00:00\",\n\t            \"description\": \"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted the following day, rate-hike expectations soared, bringing short-term rates higher along with them.\u00a0 Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/bad-week-for-inflation-proxies\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/03\\\/inflation-concept-featured-img.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/03\\\/inflation-concept-featured-img.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"IBKR Economic Landscape: Inflationary Pressures Mar. 3, 2023\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bad Week for Inflation Proxies | Traders' Insight","description":"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/245219\/","og_locale":"en_US","og_type":"article","og_title":"Bad Week for Inflation Proxies | IBKR Campus US","og_description":"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted the following day, rate-hike expectations soared, bringing short-term rates higher along with them.\u00a0 Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/","og_site_name":"IBKR Campus US","article_published_time":"2026-06-24T17:03:13+00:00","article_modified_time":"2026-06-24T18:18:25+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Bad Week for Inflation Proxies","datePublished":"2026-06-24T17:03:13+00:00","dateModified":"2026-06-24T18:18:25+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/"},"wordCount":628,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","keywords":["Bitcoin","Brent futures","crude oil","Federal Reserve","gold","Inflation proxies","market volatility","monetary policy","Multinational stocks","US Dollar Index","WTI futures"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/","name":"Bad Week for Inflation Proxies | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","datePublished":"2026-06-24T17:03:13+00:00","dateModified":"2026-06-24T18:18:25+00:00","description":"Last week, during his first press conference as Fed Chair, Kevin Warsh went to great lengths to lay out his inflation-fighting bona fides.\u00a0 As we noted the following day, rate-hike expectations soared, bringing short-term rates higher along with them.\u00a0 Although key stock market measures have not broadly welcomed the Chair\u2019s tonal shift \u2013through yesterday, both the S&P 500 (SPX) and Nasdaq 100 (NDX) were each down about 2% since the day prior to the FOMC meeting \u2013 prices of assets that tend to act as inflation hedges have suffered more.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/bad-week-for-inflation-proxies\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","width":1000,"height":563,"caption":"IBKR Economic Landscape: Inflationary Pressures Mar. 3, 2023"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/inflation-concept-featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/245219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=245219"}],"version-history":[{"count":6,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/245219\/revisions"}],"predecessor-version":[{"id":245262,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/245219\/revisions\/245262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/186045"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=245219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=245219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=245219"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=245219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}