Worries about the economy and a seemingly slow-footed response from the Fed, along with concerns over corporate earnings, dragged markets Monday.
Traders work on the floor of the New York Stock Exchange on August 05, 2024, in New York City.Any number of suspects could be blamed for Monday's market beatdown, ranging from worries about the economy and seemingly slow-footed response from the Federal Reserve to the unwind of a popular global currency trade and concerns over corporate earnings.
Along with economic and monetary policy concerns, the market had to contend with the unwind of a popular trade that entailed borrowing in cheap currencies such as the Japanese yen and buying higher-yielding currencies — the "carry trade" that has helped propel global markets with liquidity. "This is the confluence of a very high market that has been soaring and riding on a lot of sentiment and emotion. For several months now, the momentum trade has been the successful trade," said Michael Farr, CEO of Farr, Miller & Washington.
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