Stocks fall sharply as a bout of market volatility continues

Higher inflation has been squeezing businesses and consumers, and the Federal Reserve is expected to combat it in 2022 by raising interest rates. Investors fear that the Fed could either be moving too late or could be too aggressive. The central bank issues its latest policy statement Wednesday.

The S&P 500 fell 2.3% as of 12 p.m. Eastern. The benchmark index has been falling steadily ever since hitting a record high on the first trading day of the year, Jan. 3. It's now getting closer to entering a "correction," which among markets watchers means a drop of 10% from a peak. Major indexes had a similar start to trading on Monday and were down most of the day, but a late buying spree pushed them to a higher close. That rebound may have been just a "head fake," said Barry Bannister, chief equity strategist at Stifel. More declines are likely in store for the market, he said.

Futures contracts related to the VIX, meanwhile, indicate investors are preparing for a high level of volatility in the near term but less in ensuing months. That's a flip from their typical behavior last year.

Saw this coming we need to pray someone triggers vote of no confidence in House of Commons before Liberals bring Canada down

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