Market volatility reemerged in the second half of September, most notably after the last FOMC meeting. During the third quarter, the S&P 500 fell 4.9%, the Nasdaq tumbled 4.1%, and the Dow lost 6.7%. Major catalysts for the downward market trend in September were stubbornly high inflation and the Federal Reserve reasserting that monetary policy will be tighter for a longer period.

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