Finally a Stock Rout You Can't Totally Blame on Jerome Powell

Two days after central bank policy makers became more dovish than anyone thought possible just a few months ago, stocks notched their worst day in 11 weeks. Could it be that the economy is becoming a bigger concern for investors than Jerome Powell?

It sure looks that way when the sell-off is examined for signals on the economy. Friday’s decline was led by cyclical industries, among them banks -- casualties of a flattening yield curve that many would attribute to the Federal Reserve chairman. But it’s drawing steam from a host of other sectors whose profits are directly tied to the economy.