The recently released jobs data revealed that the unemployment rate fell to 3.5% last month from 3.7% in August, matching a half-century low that was last reached in July. The employment data seems to have paved the way for the Federal Reserve to respond with a further major interest rate hike next month.
With borrowing costs set to increase further, a soft landing for the economy looks unlikely. All the major indexes have responded with steep declines, led by the Nasdaq, which touched its lowest close yesterday since July 2020.
