The stock market’s monthslong drop picked up steam in the past week. More declines are likely in the cards.
The result is that the S&P 500 is now about 5% down from its 2023 high of 4,607.07, set in late July. The overarching issues, related to Wednesday’s Fed announcement on rates, is that the delayed impact of higher rates will continue to weigh on the economy, and that there won’t necessarily be much relief as the Fed will be slow to cut rates, and won’t cut by much.
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