It’s been a roller-coaster ride for U.S. financial markets the past 15 months, after the Federal Reserve started its most aggressive monetary tightening campaign in four decades to tame inflation.
Market participants hope this is the beginning of the end of that tightening era even though it is still unclear whether the interest-rate-related market turbulence is over as policy makers leave the door open to more increases to bring inflation back to their 2% target. The S&P 500 still has a way to go to regain its all-time closing high of 4796.56 set on Jan. 3, 2022.
Rising interest rates also knock on to the bond market, where yields, which move inversely to prices, have soared since March 2022.
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