The stock market has been battling macroeconomic and geopolitical concerns since the beginning of the year. The S&P 500 is down 22.8% year-to-date. The index fell 9.3% in September, closing its worst month since March 2020.
Inflation has been a major Achilles heel for the economy, with the Fed’s aggressive interest rate hikes yielding little to no results in bringing it down from its elevated levels. In August, the Consumer Price Index (CPI) rose 8.3% year-over-year, beating analysts’ estimates. This prompted the Fed to announce the third consecutive 75 basis point rate increase in September.
