Markets tanked yesterday, there’s no other way to put it. The NASDAQ fell more than 5%, the S&P 500 fell more than 4%, and the Dow Jones shed 1,200 points, also a 4% loss. The sharp drops hit after the official August inflation numbers came in substantially worse than expectations. The data release has also firmed up convictions that the Federal Reserve will enact another 75 basis point rate hike later this month. Taken together, rising prices and higher interest rates increase the chances of a severe recession in the near future.
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