U.S. Stock Market Sees Biggest Daily Drop in Nearly 2 Years
As turmoil swept through global financial markets on Monday, fueled by concerns that the economy is headed for a hard landing, investors began to speculate that the Federal Reserve could jump in to cushion the fallout with an emergency interest rate cut.
But a market sell-off is unlikely to prod the Fed to lower rates before its Sept. 18 meeting, especially at a time when economic data have yet to show conclusively that the economy is entering a recession.
The latest jobs report does leave officials with worrying evidence that the job market is slowing. But it was just one month of data, and it came at a time when consumer spending is holding up. Given that — and given how high the bar is for the Fed to cut rates outside of regularly…
