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John Authers

Be Warned — the Turbulence This Time Is Different

It’s possible stock markets have reached bottom. But macro conditions are exceptional enough to fear a Black Monday-level financial accident.

At least we got through January.

At least we got through January.

Photograph: Bloomberg

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The first month of 2022 is in the books, and most of us can be grateful it’s over. The big U.S. stock indexes that have led the world for more than a decade suddenly ran into trouble in the thin trading just after Christmas, and this turned into much more frenetic trading as the Federal Reserve committed to an increasingly hawkish approach to inflation.