Financial markets are a mess around the world. Fingers are pointing at the Fed

When it comes to fighting inflation, Federal Reserve Chair Jerome Powell has said, "We will keep at it until we are confident the job is done." (Samuel Corum/Getty Images)

Markets are a mess, and not just in the United States, where the three major stock indexes are down more than 20% each from their highs.

"Everything is starting to take a big hit," says Edmund Shing, the global chief investment officer at BNP Paribas Wealth Management.