Once again, the Federal Reserve has upended markets. Investors had been bracing for the Fed to keep raising interest rates and shrinking its vast portfolio of assets, the equivalent of tapping on the brakes of the United States economy. Much has been written about the stock market’s joyful reaction to the Fed’s altered approach. The central bank’s shift cascaded through markets around the world in ways large and small. On Dec. 24, the S&P 500 was down nearly 20 percent from its recent high.

Source: New York Times February 10, 2019 20:48 UTC