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Twitter shares tumble after Elon Musk announces his buyout bid is on hold

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Elon Musk said his $44 billion buyout bid is \
The S&P 500 dropped to its lowest levels since March 2021, while another round of inflation data suggests aggressive Federal Reserve monetary policy tightening is likely to continue for the foreseeable future. On Wednesday, the U.S. Labor Department reported the consumer price index gained 8.3% in April, exceeding economist estimates of 8.1% and increasing the likelihood that the Fed will continue raising interest rates in 0.5% increments for now. CPI inflation dropped slightly from its 8.5% pace in March, but it once again outpaced the 5.5% wage growth the Labor Department reported in April. On Thursday, Federal Reserve Chairman Jerome Powell said it will be “quite challenging” to achieve a so-called soft landing for the economy as the Fed raises interest rates to combat inflation.

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