GROWTH BUILT ON UNSUSTAINABLE DEBT IS JUST A FARMER STUFFING HIMSELF ON HIS FEED CORN: The Dow plunges 570 points as hopes for an interest rate cut fade.

The U.S. Bureau of Labor Statistics reported a 1.2% increase in its employee cost index, a measure of wages and benefits — higher than the 0.9% increase seen in the fourth quarter of 2023. The index is one of a growing number of inflationary reports released this year.

Meanwhile, Series I bonds will pay 4.28% annual interest from May 1 through October 2024, the U.S. Department of the Treasury announced. The latest I bond rate, which is linked to inflation, has fallen from 5.27% (annually) offered since November and is slightly lower than the 4.3% rate from May 2023.

The Dow dropped 570 points, or about 1.4%, to 37,815 as the market closed. The S&P 500 lost 1.5% and the Nasdaq fell 2%.

With enough wage growth, they might finally catch up with Bidenflation — but that means most Americans will still have missed out on four years (or however long it turns out to be) of increased earnings.