Stock market falls on Wall Street sell-off

The 30-company Philippine Stock Exchange index shed 65.17 points, or 1.05 percent, to close at 6,160.61, while the broader all-shares index declined 25.17 points to finish at 3,332.40.

The Fed’s insistence that decision-making would be data-dependent has seen traders react to most economic indicators in a “good news is bad news” fashion, with healthy data seen as likely pressuring officials to hike to temper inflation. But that has given way to the realization that more work is needed to get inflation down to—and held at—the Fed›s two-percent target.

It would be actually helpful for him to spell out what he means by data-dependence, tamping down the very strong reaction of markets to each piece of data. A hawkish speech at last year›s Jackson Hole gathering sent shivers through world markets. European Central Bank head Christine Lagarde is also due to speak later in the day.

This perspective contrasts with the recent labour market data… So, I suspect the market is going through a reality hedging check just in case Chair Powell keeps the rate hike pedal to the metal for longer.

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