The stock market has had a wretched year due to various macroeconomic and geopolitical headwinds. The Fed’s aggressive interest rate hikes have failed to bring the surging inflation under control so far.
August's Consumer Price Index (CPI) rose 8.3% year-over-year, beating the market’s expectations. This prompted the Fed to announce the third consecutive 75-basis-point rate hike in September. This, along with the upward revision of the key rate estimate for this year, has raised concerns over an economic downturn.
