Week InReview: September 30, 2022

Loud and clear.

Federal Reserve officials reiterated that they will keep raising interest rates to restrain high inflation, as turmoil in Europe continued to fray investor nerves. It may have taken six months, but the Fed's message is getting received loud and clear in the stock market where everyone from retail traders to smart-money speculators is pulling up stakes. The S&P500 fell as much as 2.9% overnight, while the Nasdaq 100 was dragged even lower by Apple, which took a 6.1% hit — equivalent to a $120 billion wipeout — after a rare analyst downgrade from Bank of America. The pain looks set to continue in Asia.

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