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Bruised Wall Street faces gauntlet of worries after market tumble

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Chief among market participants’ worries is a Fed that has repeatedly ratcheted up its hawkish rhetoric as it gears up to fight the worst U.S. inflation in nearly 40 years

The hawkish stance was underlined on Thursday, when Fed Chair Jerome Powell said a half-point interest rate increase “will be on the table” at the central bank’s monetary policy meeting next month.

“The stock market is coming to grips with the reality that the Fed is serious about raising rates this time,” said David Carter, managing director at Wealthspire Advisors. “It now expects large and quick increases and is having a difficult time digesting that.” Plenty of investors believe the economy – and markets – can remain resilient. Solita Marcelli, chief investment officer, Americas, at UBS Global Wealth Management, said the U.S. economy is robust enough to grow even if Fed hikes match current expectations.

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