From the Fed to Europe’s currency crisis, here’s what’s behind this selloff in financial markets

CNBC/Patti Domm/9-24-2022

“‘By basically endorsing the idea of a recession, Powell set off the emotional phase of the bear market,’ said Julian Emanuel, head of equity, derivatives and quantitative strategy at Evercore ISI.”

USAGOLD note: In the financial world, October, not April, is the cruelest month. The month nature retreats – goes into hiding, and prepares for the winter. And at the end of September 2022, the prevailing mood in markets suggests the beginnings of just such a full retreat. “The bad news is you are seeing and you will continue to see it in the near term in indiscriminate selling of virtually every asset,” says Evercore’s Emanuel, “The good news is that tends to be that the end game of virtually every bear market we’ve ever witnessed, and it’s coming in September and October, where that has historically been the normal state of affairs.”