Those were gains fueled by near-zero interest rates, slashed to that level by the Fed in March 2020. All of these factors have led economists to slash their expectations for economic growth in the United States. “The world is repricing for the end of extraordinarily low interest rates and extraordinarily accommodative monetary policy,” said David Lefkowitz, head of equities for the Americas at UBS Global Wealth Management. “A lot of wealth has been destroyed in the last five months,” said Russ Koesterich, portfolio manager of the BlackRock Global Allocation Fund. “That has an effect on corporate sentiment and hiring and investing plans by companies.

Source: New York Times May 31, 2022 16:24 UTC