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.
Around the world, markets are reeling with unpredictability. The values of currencies are plunging. Oil and other commodities are getting hammered. There is fear and panic in bond markets, and on stock exchanges in Frankfurt, Tokyo, and Shanghai. President Joe Biden has met twice in the last week with his economic team, which includes the Treasury and Commerce Secretaries, for updates on the fast-changing global financial and energy markets.
And there seems to be almost global agreement about who is causing all this extreme and painful volatility: central banks, with the U.S. Federal Reserve in the lead.
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