Thetouched lows last seen in November 2020. Down more than 8% in September, the benchmark is on track for its worst September since 2008.
Cleveland Fed President Loretta Mester said she does not see distress in U.S. financial markets that would alter the central bank's campaign to lower inflation through rate hikes that have taken the Fed funds rate to a range of 3.0% to 3.25%. "Good news is bad news in that today's job number again reiterates that the Fed has a long way to go," said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York."The fear in the marketplace is that the Fed is going to push us into a very deep recession, which will cause an earnings recession, which is why the market is selling off."
Graphics: S&P 500 sheds $9 trillion in 2022 market rout - https://fingfx.thomsonreuters.com/gfx/mkt/dwvkroakgpm/Pasted%20image%201664454555732.png
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