Last month was the worst September for the S&P 500 since 2002 — with all 3 major indexes solidly in bear market territory. Wall Street is uneasy about the global economic outlook. Here's what to know.
, and Fed Chair Jerome Powell said he and his colleagues"anticipate that ongoing increases will be appropriate."
John Stoltzfus, the chief investment officer at Oppenheimer and Co., marveled at the market's response.Traders work on the floor of the New York Stock Exchange on September 23, 2022 in New York City.Traders work on the floor of the New York Stock Exchange on September 23, 2022 in New York City.The Fed appears to be following a new mantra, which Powell unveiled at a speech in late August:"We will keep at it until we are confident the job is done.
Michael Purves, the CEO of Tallbacken Capital Advisors, says markets haven't gotten used to the Fed's new approach, which is a radical departure from a long period when it kept interest rates extremely low. "This is not a reflection, necessarily, of the strength of the United States," says Sharma, of Rockefeller International."It just is the U.S. is the predominant financial superpower of the world, and people are rushing to hold their assets in U.S. dollar cash."
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